Deal: Woodside Petroleum Ltd (Woodside) has been advised on its fully underwritten 1 for 9 renounceable pro-rata entitlement offer (with retail rights trading) announced to ASX on 14 February 2018.

Value: $2.5 billion

Area: Finance

Key players: The Herbert Smith Freehills team advising Woodside on the offer was led by partner Philippa Stone, and included senior associate Geoff Kerrigan and solicitors Christian Bourke, Michael Burrell and Nick Harding.

The Herbert Smith Freehills team advising Woodside in relation to the US securities law aspects of the offer was led by partner Siddhartha Sivaramakrishnan and senior associate Jin Kong.

Meanwhile, the King & Wood Mallesons team consisted of partner David Friedlander, senior associate Amanda Isouard and solicitor Michael Power.

Deal significance: According to a statement from Herbert Smith Freehills, the proceeds from the equity raising will be used by Woodside to fund the acquisition of up to an additional 50 per cent interest in the Scarborough gas field and for general corporate purposes, including funding support for the Scarborough and SNE Phase 1 developments and to progress development of Browse to targeted final investment decision.

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The offer is being underwritten by UBS AG, Australia Branch and Morgan Stanley Australia Securities Limited, the firm said.

Commenting further on the deal, Herbert Smith Freehills partner Philippa Stone said, “We are delighted to be acting for Woodside on this significant transaction.

“We value our longstanding relationship with Woodside, having also advised the company on a range of transactions, including its 2009 entitlement offer.”

King & Wood Mallesons partner David Friedlander added,  “This is the second time that we have worked on a major Woodside capital raising and helped the joint lead managers with these important initiatives.”