WOODSIDE said today it will raise $2.5 billion through an equity offer to strengthen its balance sheet and develop its liquefied natural gas projects in Western Australia.
Mallesons Stephen Jaques acted for the joint lead managers, Citi, Credit Suisse and UBS on the deal. The firm prepared and negotiated the underwriting agreement and reviewed and commented on offer and due diligence materials, as well as syndicate documents, the firm said.
Woodside, Australia's second-largest oil and gas producer, is offering stockholders one new share for every 12 they own at A$42.10 each. Woodside said its largest shareholder, Royal Dutch Shell, plans to invest about A$862 million under the offering, its full entitlement.
The issue price represents a 10 per cent discount to the theoretical ex-entitlement price based on the closing price of its share on 11 December this year.
The Mallesons team was led by partners David Eliakim and David Friedlander, assisted by solicitors Catherine Sands, Hoda Nahlous and Jess Hudson.
Woodside has halted trading, and will remain so until 17 December, when it will announce the result of the sale to institutional investors.