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Business, Energy

Ormat announces secondary offering

10.24.07 | Comment?

Ormat, the largest “pure play” geothermal company in the US, yesterday announced that it would place 3 million shares on the public market. This will increase Ormat’s outstanding shares to 41.13M and effectively dilutes current shareholders by 7.8%. Unsurprisingly, the stock price dropped yesterday nearly that same percentage and seems to be creeping up incrementally today. This move should raise over $140M (less underwriter’s fees) to be used for general corporate purposes including paying down debt levels, exploration, and new geothermal plant development.

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