White & Case advises Ormat on upsized offerings of US$725 million of Series A convertible notes and US$150 million of Series B convertible notes

Global law firm White & Case LLP has advised Ormat Technologies, Inc. (NYSE: ORA) (Ormat) on its private offerings of US$725 million aggregate principal amount of 1.50% Series A convertible senior notes due 2031 (the "Series A Notes") and US$150 million aggregate principal amount of 0.00% Series B convertible senior notes due 2031 (the "Series B Notes" and, together with the Series A Notes, the "Notes").

The size of the offering was increased from the previously announced US$750 million total aggregate principal amount, which comprised US$600 million principal amount of the Series A Notes and $150 million of the Series B Notes.

The Notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933. Ormat also granted the initial purchasers options to purchase, in each case within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional US$100 million aggregate principal amount and US$25 million aggregate principal amount of Series A Notes and Series B Notes, respectively.

The sale is expected to close on March 20, 2026, subject to satisfaction of the conditions to closing.

White & Case also advised Ormat on concurrent privately negotiated transactions with certain holders of Ormat's 2.50% convertible senior notes due 2027 (the "2027 Notes") to repurchase, for approximately US$287.9 million of cash from the offering to repay the par amount, as well as approximately US$25 million cash on hand and shares of Ormat common stock for the remainder, approximately US$285.9 million aggregate principal amount of its 2027 Notes, including accrued and unpaid interest on the 2027 Notes, on terms negotiated with each holder of 2027 Notes repurchased. The offering is not contingent upon the repurchase of the 2027 Notes.

The White & Case team that advised on the transaction was led by Capital Markets partners A.J. Ericksen and Laura Katherine Mann (both in Houston) and Scott Levi (New York). The team also included Tax partner Steven Gee (New York); and Capital Markets associates Bryson Manning and Daniel Quesenberry (both in Houston). Law clerk Shahmurad Lodhi (New York) also advised on the matter.

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