MALLESONS Stephen Jaques has acted on Origin Energy's $2.3 billion entitlement offer, advising the underwriters JP. Morgan, Macquarie Capital Advisers and Merrill Lynch International, Australia.
Clayton Utz advised Origin on the deal, lead by the national head of the firm's equity capital markets practice, Stuart Byrne. He was supported by senior associate Richard Knott and lawyer Cameron McCoy.
Clayton Utz's energy and resources partners Graham Taylor, Graeme Dennis and Emma Covacevich also worked on the deal.
An entitlement offer will allow Origin shareholders to buy one new share for every five currently owned, at a purchase price of $13 per new share. This is a 17 per cent discount on the last traded price.
Proceeds from the share sale will be applied to refinance part of the debt used to fund the $3.26 billion acquisition of the Integral Energy and Country Energy retail businesses and the Eraring Energy GenTrader arrangements.
Announced today, the offer will be conducted via a new equity raising structure, and a Pro Rata Accelerated Institutional and Tradeable Retail Entitlement Offer (PAITREO), which was developed by Merrill Lynch in consultation with Origin.
The Mallesons was led by partners David Friedlander, Shannon Finch who were assisted by senior associate Catherine Sands and solicitors Amanda Isouard and Victoria Ngomba.
Friedlander said the new PAITREO structure, Origin's participation in the NSW electricity privatisation process and its other growth opportunities made this a "very dynamic transaction”.