By Rebecca Melvin
New York, July 1 – Ormat Technologies Inc. said it auctioned $290 million of bonds due June 2031 that will be listed on the TACT-Institutional System maintained by the Tel Aviv Stock Exchange Ltd.
The bonds are being issued in Israeli shekels and will be converted to dollars using a cross-currency swap transaction. They will bear interest prior to the swap at 3.35%, and upon completion of the swap, subject to market conditions, the bonds are expected to bear interest at 4.35%.
The proceeds will be used to pay $47 million for the acquisition of the Pomona energy storage facility, to pay existing debt and to support its growth plans.
Ormat is a Reno, Nev., geothermal and recovered energy power company.
| Issuer: | Ormat Technologies Inc.
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| Issue: | Senior bonds
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| Amount: | $290 million
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| Maturity: | June 2031
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| Coupon: | 4.35% post cross-currency swap
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| Announcement date: | July 1
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| Rating: | Maloot S&P: ilAA+
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| Distribution: | Regulation S
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