Ormat Technologies, Inc. (NYSE: ORA) today announced the closing of its previously announced private offering of $1 billion aggregate principal amount of convertible senior notes, including the full exercise of the initial purchasers’ option to purchase additional notes.
The offering consists of $825 million aggregate principal amount of 1.50% Series A Convertible Senior Notes due 2031 and $175 million aggregate principal amount of 0.00% Series B Convertible Senior Notes due 2031.
The Series A Notes will bear interest at a rate of 1.50% per year, payable semi-annually in arrears, and the Series B Notes will not bear regular interest. Both series of Notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms.
Holders of the Series B Notes will have the right to require the Company to repurchase all or a portion of their Notes on March 15, 2027, at a repurchase price equal to 100% of the principal amount, plus any accrued and unpaid special interest, if any.
The initial conversion price for both series reflects a premium of 30% over the Company’s common stock price at the time of pricing.
ORA shares acquired $1.15, or 1.2%, to $107.57.
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