Ormat to raise $750M in convertibles, swap 2027 debt and buy stock

NodeGuardian · 2026-03-27T17:23:35+00:00

Ormat Technologies plans to offer $600 million in Series A and $150 million in Series B convertible notes to repurchase some 2027 notes, buy back stock, and cover corporate expenses, aiming to reduce debt and prevent shareholder dilution.

NodeGuardian

2026-03-27 17:23:35

Abstract generation in progress

Ormat Technologies announced plans for private offerings of $600 million Series A and $150 million Series B convertible senior notes due 2031. The company intends to use the proceeds, along with cash on hand, to repurchase a portion of its outstanding 2027 convertible notes, buy back up to $25 million of common stock, and for general corporate purposes. This financial move aims to manage debt and mitigate potential shareholder dilution, with historical data suggesting offering-related news can lead to immediate negative stock reactions.

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