Ormat Funding Corp. Announces Launch of Consent Solicitation
RENO, Nev., Dec. 3, 2012 /PRNewswire/ -- Ormat Funding
Corp. (the "Company"), a wholly owned subsidiary of Ormat
Technologies, Inc. (NYSE: ORA), announced today that it has
launched a consent solicitation relating to its 8 1/4% Senior
Secured Notes due December 30, 2020
(CUSIP Number: 686685AB4). The record date to determine holders of
the Notes eligible to consent is November
21, 2012. The consent solicitation expires at 5:00 p.m., New
York time, on December 7,
2012, unless extended by the Company (the "Expiration
Date"). The consent solicitation is made upon the terms and subject
to the conditions set forth in the Consent Solicitation Statement
dated December 3, 2012, which is
being mailed to all holders of the Notes.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The consent solicitation is being conducted in order to waive
certain provisions in the Indenture governing the Notes. Receipt of
valid and not revoked written consents from holders of at least 66%
of the aggregate principal amount of outstanding Notes will
constitute acceptance of the consent solicitation whereupon the
consent and the waivers granted pursuant thereto shall be effective
and consents shall no longer be revocable, all as more fully
described in the Consent Solicitation Statement. Holders of Notes
may withdraw their consent at any time prior to the date on which
consents have been delivered and not validly revoked by holders of
at least 66% of the aggregate principal amount of the outstanding
Notes.
The Company has retained Barclays Capital Inc. as the
Solicitation Agent for the consent solicitation. Union Bank,
N.A., is the Tabulation and Information Agent for the consent
solicitation. Questions regarding the consent solicitation may be
directed to the Liability Management Group at Barclays Capital Inc.
at 800-438-3242 (toll-free) or 212-528-7581 (collect). Requests for
copies of the Consent Solicitation documents may be directed to the
Tabulation and Information Agent at 415-273-2518 or the Company at
775-771-6801.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any solicitation of consent in any state in which such solicitation
or the acceptance thereof would be unlawful.
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 Funding
Corp.'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 February 29, 2012 and Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on
November 8, 2012.
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 Funding Corp.
Smadar Lavi
1-775-771-6801
slavi@ormat.com
SOURCE Ormat Technologies, Inc.