Ormat closes $1 billion convertible notes offering, repurchases part of 2027 notes
Ormat completed a $1 billion offering of convertible senior notes due March 15, 2031 on March 20, 2026, including $825 million of 1.50% Series A notes and $175 million of 0.00% Series B notes. The company used about $287.9 million of proceeds plus about $25 million of cash on hand to repurchase $285.9 million of its 2.50% convertible notes due 2027, and it plans a separate share repurchase of up to $25 million, which it says is intended to offset dilution from the 2027 notes.
Key points
- Offering totals $1 billion: $825 million of 1.50% Series A notes and $175 million of 0.00% Series B notes, both due 2031, including full exercise of initial purchasers' options.
- Initial conversion price is about $140.40 per share, a premium of about 30% over the last reported sale price on March 17, 2026.
- Estimated net proceeds are $975.7 million; about $287.9 million and $25 million cash on hand were used to repurchase $285.9 million of 2027 notes.
- Series B noteholders may require repurchase at par on March 15, 2027; the company may not redeem either series before March 20, 2029.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 20, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.