AcquisitionsAug 6, 2026, 01:26 PM
Ormat Issues $1B Convertible Notes, Acquires Hoku Facility
AI Summary
Ormat Technologies, Inc. issued $1.0 billion in convertible senior notes and repurchased $285.9 million of its 2027 convertible notes. The company also acquired the Hoku solar and storage facility for $79.3 million, resulting in a $9.6 million bargain purchase gain. For the six months ended June 30, 2026, total revenues increased by 42.9% to $662.7 million, and net income attributable to stockholders rose by 4.1% to $71.2 million.
Key Highlights
- Issued $1.0 billion aggregate principal amount of 2031 Convertible Senior Notes.
- Repurchased $285.9 million aggregate principal amount of 2027 Convertible Notes.
- Acquired Hoku solar and storage facility for $79.3 million, generating a $9.6 million bargain purchase gain.
- Six-month total revenues increased 42.9% to $662.7 million from $463.8 million.
- Six-month net income attributable to stockholders rose 4.1% to $71.2 million from $68.4 million.
- Six-month diluted EPS was $1.14, up from $1.12 in the prior year period.
- Issued $75.0 million Ormat Geothermal Senior Secured Notes at a fixed rate of 6.14%.
- Declared cash dividends of $0.12 per share for the quarter.
Price Impact
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