Sidley, Clayton Utz, KWM on Origin Energy Share Sale
The Australian oil and gas company hopes to raise $1.4 billion to pay down debt and strengthen its balance sheet in response to drastically reduced commodity prices over the past year.
September 29, 2015 at 08:39 PM
2 minute read
Three firms are advising on a newly announced entitlement offer from Australian oil and gas company Origin Energy Ltd. that's expected to raise $1.4 billion.
In the entitlement offer, Origin will sell four shares at $2.79 each for ever seven shares hold by investors, which is a 34 percent discount to the stock's closing price of $4.26 on Tuesday.
The Sydney-based company is raising cash to pay down debt and strengthen its balance sheet in response to falling commodity prices, with the cost of oil has dropping about 50 percent in the last 12 months. Origin's balance sheet is also under pressure because the company is funding the $24.7 billion Australia-Pacific LNG project on Australia's east coast, along with partners ConocoPhillips Co. and China PetroChemical Corp., according to The Wall Street Journal.
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