By Angela McDaniels
Tacoma, Wash., Aug. 5 - Ormat Technologies, Inc. issued $142 million of 7% senior unsecured bonds due Aug. 1, 2017, according to an 8-K filing with the Securities and Exchange Commission.
The company announced the deal in a press release on Wednesday and released further details in the SEC filing on Thursday.
The deal was marketed via the Regulation S format.
Beginning Aug. 1, 2014, the notes are callable with a make-whole premium of Treasuries plus 150 basis points, subject to a floor of 102.
They are callable from Aug. 1, 2015 to July 31, 2016 with a make-whole premium of Treasuries plus 200 bps, subject to a floor of 101 and a cap of 105.
From Aug. 1, 2016 until maturity, they are callable with a make-whole premium of Treasuries plus 300 bps, subject to a floor of par and a cap of 102.
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 company did not disclose syndicate information, the reoffer price or credit rating information, if any.
Ormat Technologies is a geothermal and recovered energy power business based in Reno, Nev.
| Issuer: | Ormat Technologies, Inc.
|
| Amount: | $142 million
|
| Maturity: | Aug. 1, 2017
|
| Securities: | Senior unsecured bonds
|
| Coupon: | 7%
|
| Call feature: | Make-whole call at Treasuries plus 150 bps with floor of 102 from Aug. 1, 2014 to July 31, 2015, at Treasuries plus 200 bps with floor of 101 and cap of 105 from Aug. 1, 2015 to July 31, 2016 and at Treasuries plus 300 bps with floor of par and cap of 102 from Aug. 1, 2016 onward
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 4
|
| Distribution: | Regulation S
|
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