Deal Details

Ormat Completes $1.0 Billion Convertible Senior Notes Offering

Technology & Services
Energy

Ormat convertible senior notes offering

Summary

Ormat Technologies, Inc. (“Ormat” or the “Company”) (NYSE: ORA) recently announced an upsized private offering of $825.0 million aggregate principal amount of 1.50% Series A Convertible Senior Notes due 2031 (the “Series A Notes”) and $175.0 million aggregate principal amount of 0.00% Series B Convertible Senior Notes due 2031 (the “Series B Notes” and, together with the Series A Notes, the “Notes”) (the “Offering”), which includes the exercise in full by the initial purchasers of their option to purchase an additional $100.0 million aggregate principal amount and $25.0 million aggregate principal amount of Series A Notes and Series B Notes, respectively. The size of the Offering was increased from the previously announced $750.0 million total aggregate principal amount. Ormat intends to use the net proceeds from the Offering to repurchase approximately $285.9 million aggregate principal amount of the Company's 2.50% convertible senior notes due 2027, repurchase approximately $25.0 million of common stock and for general corporate purposes.

Baird served as a co-manager on this Offering.

About

With over five decades of experience, Ormat is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. 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. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar photovoltaic (“PV”) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,835MW with a 1,340MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras and Guadeloupe and a 495MW energy storage portfolio that is located in the United States. Ormat is headquartered in Reno, Nevada.