White & Case Advises Ormat on Its Upsized US$375 Million Green Convertible Senior Note Offering

Global law firm White & Case LLP has advised Ormat Technologies, Inc., a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation, on its upsized US$375 million offering of 2.50% Green Convertible Senior Notes due 2027. The notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933. Ormat intends to allocate an amount equivalent to the net proceeds from the offering to finance and/or refinance, in whole or in part, one or more eligible green projects in accordance with the company’s Green Finance Framework. Ormat also granted to the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional US$56.25 million aggregate principal amount of notes. The sale is expected to close on June 27, 2022, subject to satisfaction of the conditions to closing.

White & Case also advised Ormat on concurrent capped call transactions designed to reduce the potential dilution to the Company’s common stock upon any conversion of the notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes.

The White & Case team that advised on the transaction was led by Capital Markets partners Colin Diamond (New York/Houston), A.J. Ericksen and Laura Katherine Mann (both in Houston), and Derivatives partner Edward So (New York). They were supported by partner Taylor Pullins in Houston (Environment & Climate Change); counsel Rhys Bortignon in New York (Derivatives); associates Russell Deutsch, Joseph Chen and Adrian Ling in New York (all Capital Markets); associates Rachel Collier, Bryson Manning and Steven Amrein in Houston (all Capital Markets); partner Steven Gee in New York and counsel Isaac Tendler in New York (both Tax); and associates John Forbush in Washington, DC and RJ Colwell in Houston (both Energy Regulatory).

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