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AGL makes multi-million dollar entitlement offer

AGL makes multi-million dollar entitlement offer

Freehills and KWM have powered a $900 million offer by AGL Energy Limited to fund its acquisition of 67.5 per cent of Great Energy Alliance Corporation Pty Ltd.

Firms: Freehills (AGL Energy Limited), King & Wood Mallesons (joint lead managers)

Deal: AGL’s one-for-six accelerated pro-rata entitlement offer, with retail entitlements trading

Area: Capital markets

Value: $900 million

Key players: Philippa Stone led the Freehills team, assisted by special counsel Rob Finlay, senior associate Philip Hart and solicitors Lucy Hall and Fergus Rourke. Greenwoods & Freehills director Richard Hendriks advised AGL on tax issues. Partners Baden Furphy, John Angus and Patrick Lowden and senior associates Rory Maguire and Laura Cameron also advised on the transaction and on the GEAC acquisition and the subordinated notes issue

Deal significance: Proceeds from the entitlement offer, announced on 24 May, will be used, among other purposes, to fund the acquisition of the 67.5 per cent of Great Energy Alliance Corporation Pty Ltd (GEAC) not currently owned by AGL. Freehills also acted for AGL on the GEAC acquisition and on AGL’s $650 million subordinated notes issue in February 2012 to help fund the acquisition and for general corporate purposes. AGL is an Australian integrated energy utility company, with retail and merchant energy businesses, power generation assets and an upstream gas portfolio.

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