Lavendon Group places €35 million in U.S. market; Ormat Technologies unit draws loan

By Lisa Kerner

Charlotte, N.C., Aug. 29 – Lavendon Group plc issued two new loan notes totaling €35 million in the U.S. private placement market.

Both notes are for €17.5 million. The first matures in August 2021, and the second matures in August 2024, according to a news release.

Lavendon rents powered access equipment in Europe and the Middle East. The company is based in Leicestershire, England.

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 OFC 2 notes mature in December 2032 and carry a 4.61% coupon with principal paid quarterly and are rated “BBB” by Standard & Poor’s.

Reno, Nev.-based Ormat Technologies is a geothermal and recovered energy power business.

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