By Paul A. Harris
St. Louis, Aug. 4 - Ormat Technologies, Inc. announced in a Wednesday press release that it has entered into a trust instrument governing the issuance of $142 million of 7% senior unsecured bonds due August 2017.
The deal was marketed via the Regulation S format.
Proceeds will be used for general corporate purposes, which may include the repayment of existing debt and the acquisition, directly or indirectly, of additional energy assets, including by way of construction, enhancement and expansion of its existing projects.
"The terms and timing of this financing compliments and addresses our needs," Dita Bronicki, chief executive officer of Ormat, commented in the press release.
"The additional funds will enable us to accelerate construction plans, and begin the construction of four additional geothermal projects in the U.S., before the end of 2010.
"When added to the current portfolio of projects under construction, we have up to ten projects that could qualify for the ITC cash grant. We are thankful to all parties for their contribution to the success of this transaction."
The company did not disclose syndicate information, the reoffer price, or credit rating information, if any, in the press release.
Ormat did not respond to a Wednesday inquiry from Prospect News.
Ormat Technologies is a geothermal and recovered energy power business based in Reno, Nev.
| Issuer: | Ormat Technologies, Inc.
|
| Amount: | $142 million
|
| Maturity: | August 2017
|
| Securities: | Senior unsecured bonds
|
| Coupon: | 7%
|
| Distribution: | Regulation S
|
| Announcement date: | Aug. 4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
