Ormat obtains consents for 99.3% of 8¼% notes

By Jennifer Chiou

New York, May 31 - Ormat Funding Corp. said it received consents from holders of 99.3% of its 8¼% senior secured notes due Dec. 30, 2020.

The solicitation ended at 5 p.m. ET on May 30.

Consents and waivers granted under the consent solicitation, which began on May 16, were no longer revocable on May 24, when the company said it had received consents from more than 51% of noteholders.

The Reno, Nev.-based subsidiary of geothermal energy company Ormat Technologies, Inc. was seeking to waive provisions as they relate to certain operational matters in the note indenture.

Previously, the company said that it needed consents from holders of at least 51% of the notes to make the change and that holders of more than 55% of the notes had already agreed to deliver consents.

Lehman Brothers Inc. (800 438-3242 or call collect 212 528-7581) was the solicitation agent, and Union Bank of California, NA (775 823-5400 or 775 356-9029) was the tabulation and information agent.

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