Ormat Technologies Inc. Concludes Auction to Price Approximately $290 Million Aggregate Principal Amount of Senior Unsecured ...
01 Julho 2020 - 7:30AM
Ormat Technologies, Inc. (NYSE: ORA) is pleased to announce that it
has concluded an auction tender and accepted subscriptions for NIS
1.0 billion aggregate principal amount of senior unsecured bonds
(the "Bonds"). The Bonds are being issued in Israeli Shekels and
will be converted to approximately $290.0 million using a
cross-currency swap transaction (the “Swap”) shortly after the
completion of such issuance. 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.
Completion of the issuance of the Bonds is expected to be in the
first week of July 2020.
The Bonds will mature in June 2031 and bear,
prior to the Swap, a fixed interest rate of 3.35% per annum,
payable semi-annually starting December 2020. Upon completion of
the Swap, subject to market conditions, we expect the Bonds will
bear a fixed interest rate of 4.35% per annum. The Bonds will be
repaid in 10 equal installments starting June 2022, unless prepaid
earlier by Ormat pursuant to the terms and conditions of the trust
instrument that will govern the Bonds. The Bonds received a rating
of ilAA- from Maloot S&P in Israel with a stable outlook.
Ormat intends to use the proceeds of the Bonds
to pay $47 million for the acquisition of the Pomona energy storage
facility, pay existing indebtedness and support its growth plans.
Ormat expects its overall effective interest rate 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 does 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 63 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 578 employees in the United States and 830
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for 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 3,000 MW of gross capacity.
Ormat’s current 933 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide energy storage and energy
management solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions
Inc. subsidiary.
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’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
2, 2020 and from time to time, in Ormat’s quarterly reports on Form
10-Q that are filed with the SEC.
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: |
Investor Relations Agency Contact: |
Smadar Lavi |
Rob Fink |
VP Corporate Finance and Head of Investor Relations |
FNK IR |
775-356-9029 (ext. 65726) |
646-809-4048 |
slavi@ormat.com |
rob@fnkir.com |
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