Ormat $190 million notes due 2020 price talk 8%-8¼%, to price Friday

By Paul A. Harris

St. Louis, Feb. 5 - Price talk of 8% to 8¼% emerged Thursday on Ormat Funding Corp.'s proposed $190 million offering of senior secured notes due 2020, a market source said.

Pricing is expected on Friday.

Lehman Brothers is the bookrunner on the Rule 144A offering, which comes with registration rights. Marathon Capital Markets is the co-manager.

The notes will have a 10.4-year average life.

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

The issuer is a Yavne, Israel, geothermal energy company.

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