Ormat starts consent solicitation for 8¼% notes

By Jennifer Chiou

New York, May 16 - Ormat Funding Corp. said it launched a consent solicitation for its 8¼% senior secured notes due Dec. 30, 2020.

The solicitation ends at 5 p.m. ET on May 30.

The Reno, Nev.-based subsidiary of geothermal energy company Ormat Technologies, Inc. is seeking to waive provisions as they relate to certain operational matters in the note indenture.

The company said that holders of more than 55% of the notes have already agreed to deliver consents. Ormat needs consents from holders of at least 51% of the notes to make the change.

Lehman Brothers Inc. is the solicitation agent for the consent solicitation (800 438-3242 or call collect 212 528-7581). Union Bank of California, NA is the tabulation and information agent (775 823-5400 or 775 356-9029).

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