By Paul A. Harris
St. Louis, Feb. 6 - Ormat Funding Corp. sold $190 million of senior secured noted due Dec. 30, 2020 (not rated) Friday at par to yield 8¼%, according to an informed source.
Price talk was 8% to 8¼%.
The notes have an average life of 10.4 years.
Lehman Brothers ran the books on the Rule 144A deal.
Proceeds will be used to acquire projects and additional interests, to fund loan repayment and capital expenses, to fund the debt service reserve and repay subordinated debt.
Ormat is a Yavne, Israel, geothermal energy company.
| Issuer: | Ormat Funding Corp.
|
| Amount: | $190 million
|
| Maturity: | Dec. 30, 2020
|
| Average life: | 10.4 years
|
| Security description: | Senior secured notes
|
| Bookrunner: | Lehman Brothers
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 416 basis points
|
| Call protection: | Callable with a make-whole call
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 13
|
| Ratings: | Not rated
|
| Price talk: | 8%-8¼%
|
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