By Lisa Kerner
Charlotte, N.C., Aug. 29 – Ormat Technologies, Inc.’s wholly owned indirect subsidiary, OFC 2 LLC, and its project subsidiaries signed a $140 million loan to finance the construction of the McGinness Hills Phase 2 project in Nevada.
The drawdown is the last tranche under the note purchase agreement with John Hancock Life Insurance Co. (USA) and guaranteed by the U.S. Department of Energy’s Loan Programs Office, according to a company news release.
The loan matures in December 2032 and carries a 4.61% coupon with principal paid quarterly. The OFC 2 notes are rated “BBB” by Standard & Poor’s.
Reno, Nev.-based Ormat Technologies is a geothermal and recovered energy power business.
| Issuers: | Ormat Technologies, Inc. subsidiaries
|
| Guarantor: | U.S. Department of Energy’s Loan Programs Office
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| Issue: | Loan notes
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| Amount: | $140 million
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| Coupon: | 4.61%
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| Maturity: | December 2032
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| Purchaser: | John Hancock Life Insurance Co. (USA)
|
| Distribution: | Private placement
|
| Rating: | Standard & Poor’s: BBB
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