Experience

Underwritten Follow-on Offering under a Universal Shelf Registration

Ormat Technologies

Chadbourne represented Ormat Technologies, Inc., an Israeli geothermal company, in its follow-on equity offering. This was the company's first take-down under its $1 billion universal shelf registration filed in 2006, in which Chadbourne also represented the company.  In the follow-on offering, which closed April 10, 2006, 3.5 million shares were priced at $35.50 a share, providing the company with net proceeds of $117.2 million after deducting underwriting fees and commissions and other offering expenses.

Under its universal shelf registration statement, Ormat Technologies, Inc. has the ability to issue senior debt, subordinate debt, common stock, warrants, or units. Lehman Brothers Inc. and Goldman, Sachs & Co. acted as joint book-running managers. Citigroup Global Markets Inc. acted as joint lead manager and HSBC Securities (USA) Inc., RBC Capital Markets Corporation and Dundee Securities acted as co-managers for the offering.

The deal was the latest securities transaction handled for Ormat by Chadbourne. In November 2004, the Firm represented Ormat Technologies in its initial public offering and New York Stock Exchange listing; in March 2005, the Firm represented Ormat Funding Corp in its registered exchange offer for $190 million of Rule 144A/Reg S senior secured notes; and in December 2005, the Firm represented OrCal Geothermal Inc. in its issuance of $165 million of Rule 144A/Reg S senior secured notes.