Ormat Technologies issues $375M 2.50% Green Convertible Notes due 2027

ORMAT TECHNOLOGIES, INC.

Issued $375M aggregate principal of 2.50% Senior Convertible Notes due July 15, 2027.
Initial conversion price ~$90.27/share, conversion rate 11.0776 shares per $1,000 principal.
Net proceeds ~$364.9M after fees; used ~$221.9M to prepay Series 3 Bonds, ~$18M for share repurchase, ~$21.3M for capped call transactions.
Entered into capped call transactions with cap price ~$107.63/share to reduce potential dilution upon conversion.
Initial purchasers have option to buy additional $56.25M notes; exercise expected to close June 29, 2022.

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