Ormat Technologies Inc. Concludes Auction to Price $204 Million Aggregate Principal Amount of Senior Unsecured Bonds in Propo...
11 Setembro 2016 - 4:54AM
Ormat Technologies, Inc. (NYSE:ORA) is pleased to announce that it
has concluded an auction tender and accepted subscriptions for
US$204 million aggregate principal amount of two tranches (Series 2
approximately $67 million and Series 3 approximately $137 million)
of senior unsecured bonds (the "Series 1 Bonds", the "Series 2
Bonds" and, collectively, the "Bonds"). Ormat will issue the Bonds
in an unregistered offering outside the United States to investors
who are not "U.S. persons", as such term is defined in Regulation S
under the Securities Act of 1933, as amended (the "Securities
Act"), and otherwise subject to the requirements of Regulation S.
The Series 2 Bonds will mature in September 2020
and bear interest at a fixed rate of 3.7% per annum, payable
semi-annually. The Series 3 Bonds will mature in September
2022 and bear interest at a fixed rate of 4.45% per annum, payable
semi-annually. The Bonds will be repaid at maturity in a single
bullet payment, unless earlier prepaid by Ormat pursuant to the
terms and conditions of the trust instrument that will govern the
Bonds. Both tranches received a rating of ilA+ from Maloot S&P
in Israel with a stable outlook.
Ormat intends to use the proceeds from the
offering and sale of the Bonds to prepay existing indebtedness,
including prepayment fees of approximately $5 million. Ormat
expects its annual interest expense to decrease as a result of this
refinancing.
The Bonds will be listed on the TACT-Institutional System
maintained by The Tel Aviv Stock Exchange Ltd. The Bonds will
not be resold in the United States or to any "U.S. person" absent
registration under the Securities Act or the availability of an
applicable exemption from the registration requirements under the
Securities Act.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the Bonds, nor shall
there be any offering or sale of 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
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (REG), with the objective of becoming a leading
global provider of renewable energy. The company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter - a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 72 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 450 employees in the U.S. and over 600
employees overseas. Ormat’s flexible, modular solutions for
geothermal power and REG are ideal for the vast range of resource
characteristics. The company has engineered, manufactured and
constructed power plants, which it currently owns or has installed
for utilities and developers worldwide, totaling over 2,000 MW of
gross capacity. Ormat’s current 707 MW generating portfolio is
spread globally across the U.S., Guatemala, Guadeloupe and
Kenya.
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,
including Ormat’s expectation that its annual interest expense will
decrease, 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 26,
2016.
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:
Smadar Lavi
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
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