Ormat unit to price $124.7 million 14-year loan with Overseas Private

By Devika Patel

Knoxville, Tenn., May 4 – Ormat Technologies, Inc. subsidiary Geotermica Platanares, SA de CV negotiated a $124.7 million 4.8% senior unsecured loan with Overseas Private Investment Corp., according to an 8-K filed with the Securities and Exchange Commission.

The 14-year loan will be drawn down in two tranches – a first tranche of $114.7 million at closing and a second tranche of $10 million within two quarters from closing.

The interest rate on the loan is expected to be between 6.75% and 7.25%.

The loan may be prepaid.

Proceeds will be used for the development, engineering, procurement and construction of an approximately 35 MW geothermal power plant.

Ormat is a Reno, Nev., geothermal and recovered energy power company.

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