Ormat gets consents from holders of 98% of 8¼% notes due 2020

By Jennifer Chiou

New York, Oct. 29 - Ormat Funding Corp. said it obtained consents from holders of more than 98% of its 8¼% senior secured notes due Dec. 30, 2020.

The solicitation expired at 5 p.m. ET on Oct. 29. It began on Oct. 16.

Ormat said it was seeking consents to waive provisions as they relate to certain operational matters in the note indenture. The solicitation grants the company, among other things, approval to replace an aging power plant at the Mammoth project with a new larger plant and to construct a new plant while maintaining the existing power plants at the Mammoth geothermal project.

The solicitation required consents from holders of at least 66% of the principal amount of outstanding notes.

Barclays Capital Inc. (800 438-3242 or collect at 212 528-7581) was the solicitation agent. Union Bank of California, NA was the tabulation and information agent.

The issuer is a Reno, Nev.-based subsidiary of geothermal energy company Ormat Technologies, Inc.

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