Ormat Technologies Announces Closing of Private Placement of $92.5 Million Senior Secured Notes to Refinance the Don A. Campb...
30 Novembro 2016 - 12:21PM
Ormat Technologies, Inc. (NYSE:ORA) today announced that ORNI 47
LLC successfully issued and sold $92.5 million in aggregate
principal amount of its 4.03% Senior Secured Notes due 2033.
The Senior Secured Notes were issued in a private placement
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended, and were purchased in total by
MEAG, the asset manager of Munich Re. The Senior Secured
Notes were assigned an investment grade rating of BBB- by Kroll
Rating Agency.
ORNI 47 LLC issued the Senior Secured Notes to
refinance the costs of development and construction of the Don A.
Campbell Phase I (DAC 1) geothermal power plant, which Ormat
initially financed using equity funding. The approximately 20
MW DAC 1 geothermal power plant is located in Nevada, and commenced
operation in 2014. ORNI 47 LLC, which owns the plant, sells
its electricity to Southern California Public Power Authority under
a 20-year Power Purchase Agreement. ORNI 47 LLC and the DAC 1
plant form part of the ORPD LLC portfolio, which is jointly owned
63.25% by Ormat’s direct wholly-owned subsidiary Ormat Nevada Inc.,
and 36.75% by Northleaf Geothermal Holdings LLC, an affiliate of
Northleaf Capital Partners. Ormat Nevada's share of the
proceeds, net of transaction fees and funding of a debt service
reserve account, are approximately $55.0 million.
"We are pleased to finalize this financing
transaction for Don A. Campbell Phase I, enabling Ormat and
Northleaf to benefit from favorable terms. This financing
demonstrates Munich Re's confidence in geothermal projects operated
by Ormat,” said Mr. Isaac Angel, Chief Executive Officer of the
Company.
“With this investment we are continuing to
diversify our portfolio with sustainable investments characterized
by limited risks and attractive returns. In doing so we are making
use of the entire group’s expertise,” says MEAG Managing Director
Holger Kerzel.
CIBC World Markets Corp. acted as Private
Placement Agent and Chadbourne & Parke LLP served as legal
counsel.
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 United States and over
600 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
to utilities and developers worldwide, totaling over 2,000 MW of
gross capacity. Ormat’s current 710 MW generating portfolio is
spread globally in the U.S., Guatemala, Guadeloupe, and Kenya.
About Northleaf Capital
Partners
Northleaf Capital Partners is a leading
independent global private equity, infrastructure and private
credit manager, with $9 billion in commitments under management on
behalf of public, corporate and multi-employer pension plans,
university endowments, foundations, financial institutions and
family offices. Northleaf’s global infrastructure program pursues
direct investments in mature, conservatively-positioned
infrastructure assets in developed markets.
Northleaf’s 85-person team, located in Toronto,
London, Chicago, and Menlo Park, is focused exclusively on
sourcing, evaluating and managing private markets investments
globally. Northleaf currently manages six global private equity
funds, a specialist private equity secondary fund, two
infrastructure funds, a private credit fund and a series of
customized investment mandates tailored to meet the specific needs
of institutional investors and family offices. For more information
on Northleaf, please visit www.northleafcapital.com.
For further information, please contact:
Jeff PentlandManaging Director+1 416 477
6165Jeff.pentland@northleafcapital.com
Olivier LaganièreVice President+1 416 477
6713olivier.laganiere@northleafcapital.com
About MEAG
MEAG stands for best practice asset management
for Munich Re and ERGO. MEAG has representations in Europe, Asia
and North America and also offers its extensive know-how to
institutional investors and private clients from outside the Group.
MEAG currently manages assets to the value of around € 268
billion.
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 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
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024