By Devika Patel
Knoxville, Tenn., March 27 – Ormat Technologies, Inc. arranged a $100 million 4.8% senior unsecured loan with affiliates of the Migdal Group, according to a press release.
The average duration of the loan is seven years.
The loan will be repaid in 15 semiannual payments of $4.2 million each, beginning on Sept. 15, 2021, and a final payment on March 15, 2029 of $37 million.
Proceeds will be used for capital needs to support the company’s growth plans.
Ormat is a Reno, Nev., geothermal and recovered energy power company.
| Issuer: | Ormat Technologies, Inc.
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| Issue: | Senior unsecured loan
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| Amount: | $100 million
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| Maturity: | Seven years (average)
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| Coupon: | 4.8%
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| Investor: | Migdal Group
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| Announcement date: | March 27
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| Distribution: | Private placement
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