U.S. markets closed
  • S&P Futures

    3,912.25
    +8.50 (+0.22%)
     
  • Dow Futures

    31,486.00
    +65.00 (+0.21%)
     
  • Nasdaq Futures

    12,077.75
    +37.25 (+0.31%)
     
  • Russell 2000 Futures

    1,775.30
    +5.50 (+0.31%)
     
  • Crude Oil

    110.64
    +1.07 (+0.98%)
     
  • Gold

    1,826.10
    +1.30 (+0.07%)
     
  • Silver

    21.11
    -0.06 (-0.27%)
     
  • EUR/USD

    1.0585
    -0.0001 (-0.01%)
     
  • 10-Yr Bond

    3.1940
    +0.0690 (+2.21%)
     
  • Vix

    26.95
    -0.28 (-1.03%)
     
  • GBP/USD

    1.2280
    +0.0009 (+0.08%)
     
  • USD/JPY

    135.3240
    -0.1220 (-0.09%)
     
  • BTC-USD

    20,694.42
    -379.68 (-1.80%)
     
  • CMC Crypto 200

    449.88
    -11.92 (-2.58%)
     
  • FTSE 100

    7,258.32
    +49.51 (+0.69%)
     
  • Nikkei 225

    27,001.23
    +129.96 (+0.48%)
     

Ormat Technologies Shares Slip On Offer To Raise $350M Via Private Convertible Senior Notes

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Ormat Technologies, Inc (NYSE: ORA) plans to offer a $350 million aggregate principal amount of Green Convertible Senior Notes due 2027 in a private offering.

  • The notes will mature on July 15, 2027; interest will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023.

  • The company would grant the initial purchasers an option to purchase up to an additional $52.5 million aggregate principal amount of Notes.

  • The notes will be convertible at the option of the holders before the close of the business day immediately preceding January 15, 2027.

  • The company intends to enter into privately negotiated capped call transactions with one or more initial purchasers or affiliates.

  • Ormat Technologies intends to use up to $25 million of the net proceeds to repurchase shares of its common stock in privately negotiated transactions, a portion to pay the cost of the capped call transactions, ~$221.9 million to fund the previously announced prepayment of its Series 3 Bonds, and the remainder for general corporate purposes.

  • Price Action: ORA shares are trading lower by 5.28% at $71.00 during the post-market session on Tuesday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.