Ormat Technologies $375 million convertible senior notes offering
The 2.5% convertible notes are due 2027
Davis Polk advised the representative of the several initial purchasers in connection with a Rule 144A offering by Ormat Technologies, Inc. of an aggregate principal amount of $375 million of its 2.50% convertible senior notes due 2027. Davis Polk also advised the counterparties to capped call transactions entered into by Ormat in connection with the offering.
Ormat Technologies, Inc. is a geothermal company. It owns, operates, designs, manufactures and sells geothermal and recovered energy generation power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. Ormat has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. In addition, Ormat is expanding its activity into energy storage services, solar Photovoltaic (PV) and solar PV plus energy storage.
The Davis Polk corporate team included partners Michael Kaplan and Yasin Keshvargar and associate Jacqueline Marino. The equity derivatives team included partner Mark M. Mendez, counsel Caitlin L. Wood and associates Danielle Forni, Amy Cheng and Kanger Jin. Partner Michael Farber provided tax advice. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.