ORA - Ormat Technologies announces $350M private green convertible note offering

Ormat Technologies (NYSE:ORA) said Tuesday it intends to offer $350M of green convertible senior notes due 2027 in a private offering to qualified institutional buyers. ORA expects to grant initial purchasers an option to buy, within a 13-day period starting on, and including, the date when the notes are first issued, up to an additional $52.5M of notes. The notes will mature on Jul. 15, 2027, unless earlier converted, redeemed or repurchased. Interest will be payable semiannually in arrears on Jan. 15 and Jul. 15 of each year, starting Jan. 15, 2023. Up to $25M of the net proceeds will be used to repurchase shares concurrently with the closing of this offering. A portion of the proceeds will be used to pay the cost of the capped call transactions. ~$221.9M will be used to fund the prepayment of its series 3 bonds, and accrued and unpaid interest thereon. ORA intends

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Ormat Technologies announces $350M private green convertible note offering