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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.
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