RENO, Nev., Feb. 2, 2011 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) is pleased to announce that it entered into an
Addendum to the Deed of Trust dated August
3, 2010, governing the issuance of, and accepted
subscriptions for, an additional $88
million in aggregate principal amount of senior unsecured
bonds (the "Additional Bonds") of the same series of bonds issued
by the Company in August 2010.
The Company is issuing the Additional Bonds outside
the United States to investors who
are not "U.S. persons" in an unregistered offering pursuant to, and
subject to the requirements of, Regulation S under the Securities
Act of 1933, as amended (the "Securities Act").
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The Additional Bonds were issued at a premium which reflects an
effective fixed interest of 6.75% per annum. All other terms
and conditions of the Additional Bonds are identical to the bonds
issued in August 2010. The
Company intends to use the proceeds of the Additional Bonds for
general corporate purposes, which may include the repayment of
existing indebtedness and the acquisition, directly or indirectly,
of additional energy assets, including by way of construction,
enhancement and expansion of its existing projects.
The Additional Bonds have not been registered under the
Securities Act and may not be offered or sold in the United States absent registration under
the Securities Act or an applicable exemption from the registration
requirements. Transfers of the Additional Bonds are subject
to restrictions under Regulation S.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Additional Bonds, nor shall
there be any sales of Additional Bonds in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated
company primarily engaged in the geothermal and recovered energy
power business. The Company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the
world. Additionally, the Company designs, manufactures and sells
geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The
Company has more than four decades of experience in the development
of environmentally-sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered
by 75 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1300 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber,
Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG
4; in Guatemala - Zunil and
Amatitlan; in Kenya – Olkaria III;
and, in Nicaragua - Momotombo.
Ormat's Safe Harbor Statement
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally relate to
Ormat's plans, objectives and expectations for future operations
and are based upon its management's current estimates and
projections of future results or trends. Actual future results may
differ materially from those projected as a result of certain risks
and uncertainties. For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March
8, 2010.
These forward-looking statements are made only as of the date
hereof, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Ormat Technologies
Contact:
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Investor Relations
Contact:
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Dita Bronicki
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Marybeth Csaby/Rob
Fink
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CEO
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KCSA Strategic
Communications
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775-356-9029
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212-896-1236 (Marybeth)
/212-896-1206 (Rob)
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dbronicki@ormat.com
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mcsaby@kcsa.com/rfink@kcsa.com
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SOURCE Ormat Technologies, Inc.