Ormat on the road with $190 million 16-year notes via Lehman Brothers

By Paul A. Harris

St. Louis, Jan. 30 - Ormat Funding Corp. is conducting a roadshow for an offering of $190 million of senior secured notes due 2020, according to an informed source.

The notes will have a project finance type of structure, with the average life expected to be 10.4 years.

Lehman Brothers is the bookrunner on the Rule 144A offering. Marathon Capital Markets is the co-manager.

Proceeds will be used to acquire projects and additional interests, to fund loan repayment and capital expenses, to fund the company's debt service reserve, and to repay subordinated debt.

Ormat Funding is a subsidiary of Ormat Ltd., a Yavne, Israel, geothermal energy company.

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