OrCal Geothermal to sell $165 amortizing notes due 2020 via Lehman

By Paul A. Harris

St. Louis, Dec. 1 - OrCal Geothermal Inc. plans to sell $165 million of amortizing senior secured notes due 2020 (Ba1//BBB-) on Friday, according to an informed source.

Lehman Brothers has the books for the Rule 144A notes that will be sold off of both the investment-grade and high-yield bond syndicate desks.

Investor conference calls will be conducted through Friday, and the deal is expected to price thereafter.

The notes have an average life of about seven years.

Proceeds will be used to repay existing project debt.

The prospective issuer, a subsidiary of Sparks, Nev.-based Ormat Technologies, Inc., is a geothermal energy producer.

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