Ormat Technologies places $92.5 million of 4.03% notes; Mersen settles €60 million loan

By Devika Patel

Knoxville, Tenn., Nov. 30 – Reno, Nev., geothermal and recovered energy power company Ormat Technologies, Inc. completed Wednesday’s largest deal, a $92.5 million private placement of 4.03% senior secured notes due 2033, and Paris-based Mersen SA also concluded a large debt sale through a €60 million Schuldschein private placement loan agreement with European and Asian investors.

CIBC World Markets Corp. was the agent for the Ormat notes, which were assigned an investment-grade rating of BBB- by Kroll Bond Rating Agency and will help fund the costs of development and construction of the Don A. Campbell Phase I geothermal power plant.

The Mersen loan was more than 150% oversubscribed, the company noted, and was arranged to increase the average maturity of the company’s financing, which now stands at 4.5 years, and to diversify Mersen’s financing sources.

Mersen develops and sells high-performance materials, protection equipment and electrical contact devices.

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