ORA - Ormat Technologies raises $375M through private placement of green convertible senior notes offering

Ormat Technologies (NYSE:ORA) has priced an upsized private offering of $375M (from $350M) of 2.50% green convertible senior unsecured notes due July 15, 2027. Initial purchasers granted an option to purchase up to an additional $56.25M of notes. The sale is expected to close on June 27, 2022. Interest will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023. The company estimates net proceeds of approximately $364.9M (or approximately $419.7M if the initial purchasers exercise their option in full). The company expects to use approximately $18M of the net proceeds to repurchase concurrently with the closing of this offering shares of its common stock in privately negotiated transactions at a price per share equal to $69.44, approximately $21.3M (or approximately $24.5M if the initial purchasers exercise their option) to pay the cost of the capped call transactions, approximately $221.9 M to

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Ormat Technologies raises $375M through private placement of green convertible senior notes offering