Business Context and Reporting Period
Company: Ormat Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 25, 2013
Reporting Period: Specific event date (November 25, 2013)
This filing reports the creation of a direct financial obligation by OrPower 4, Inc., an indirect wholly-owned subsidiary of Ormat Technologies, Inc.
Key Financial Metrics
The filing details a specific financing transaction rather than periodic financial performance metrics (revenue, profit, cash flow, or margins are not reported in this document).
| Metric | Value |
|---|---|
| Principal Amount Borrowed | $45,000,000 |
| Interest Rate | 6.12% (Fixed) |
| Maturity Term | Approximately 17 years |
| Lender | Overseas Private Investment Corporation (OPIC) |
| Instrument | Tranche III Note under OPIC Finance Agreement |
Material Changes
On November 25, 2013, the subsidiary OrPower 4 executed a promissory note for $45,000,000 under Tranche III of the OPIC Finance Agreement (originally dated August 23, 2012, as amended). This represents an increase in the company's debt obligations and liquidity position.
Outlook, Management Commentary, and Risks
- Use of Proceeds: Funds will be utilized to complete the final phase of construction at the Olkaria III geothermal power complex in Naivasha, Kenya.
- Management Commentary: The filing incorporates by reference a press release (Exhibit 99.1) regarding the disbursement but does not contain additional narrative commentary within the text of the 8-K itself.
- Risks and Contingencies: The filing does not explicitly list new risks or contingencies beyond the standard obligations of the debt instrument. Terms are referenced from prior 8-K filings (August 28, 2012, and November 9, 2012).
Investor Verification Checklist
- Verify the status of construction completion at the Olkaria III geothermal power complex in Kenya.
- Review the full terms of the OPIC Finance Agreement referenced in prior filings (August 28, 2012, and November 9, 2012) for covenants and conditions.
- Confirm the impact of the $45 million debt on the company's overall leverage ratios in the next quarterly report (10-Q).
- Check the press release (Exhibit 99.1) for any additional details on project timelines or operational milestones.