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ORA > SEC Filings for ORA > Form 8-K on 26-Nov-2013All Recent SEC Filings

Show all filings for ORMAT TECHNOLOGIES, INC.



Creation of a Direct Financial Obligation or an Obligation under an Off-

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On November 25, 2013, OrPower 4, Inc. ("OrPower 4), an indirect wholly-owned subsidiary of Ormat Technologies, Inc. ("the Company"), borrowed an aggregate principal amount of $45,000,000 under Tranche III of its previously reported Finance Agreement dated as of August 23, 2012, as amended (the "OPIC Finance Agreement"), with the Overseas Private Investment Corporation ("OPIC"). In connection with that borrowing, OrPower 4 executed a promissory note (the "Tranche III Note") in the amount of $45,000,000 in favor of OPIC.

The interest rate on the Tranche III Note is fixed at 6.12%. The proceeds of the Tranche III Note will be used to complete the final phase of construction at the Olkaria III geothermal power complex in Naivasha, Kenya. The final maturity of the Tranche III Note is approximately 17 years.

Certain other terms and conditions related to the borrowings under the OPIC Finance Agreement are described in the Current Reports on Form 8-K of the Company filed August 28, 2012 and November 9, 2012, each of which is incorporated by reference in this Item 2.03.

A copy of the Company's press release announcing the Tranche III disbursement under the OPIC Finance Agreement described above is furnished as Exhibit 99.1 and is incorporated by reference into this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of the Registrant dated November 25, 2013

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