New Issue: Ormat Technologies' $88 million add-on to 7% notes due 2017 yields 6¾%

By Paul A. Harris

Portland, Ore., Feb. 2 - Ormat Technologies, Inc. has priced an $88 million tap of its 7% senior notes due Aug. 1, 2017, according to an 8-K document filed on Wednesday with the Securities and Exchange Commission.

The add-on notes will yield 6¾%.

Proceeds will be used for general corporate purposes, which may include debt repayment and the acquisition, directly or indirectly, of additional energy assets, including by way of construction, and/or enhancement and expansion of its existing projects.

The Reno, Nev.-based company is primarily engaged in the geothermal and recovered energy power business.

Issuer:	Ormat Technologies, Inc.
Amount:	$88 million
Securities:	Add-on to 7% senior notes
Maturity:	Aug. 1, 2017
Coupon:	7%
Yield:	6¾%
Call features:	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
Distribution:	Regulation S
Original issue:	$142 million in August 2010
Total issue size:	$230 million

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