Clayton Utz has announced it is the legal adviser to Origin Energy (Origin) in its $2.3 billion pro rata renounceable entitlement offer announced this week.
Clayton Utz's national head of equity capital markets, Stuart Byrne, led the team advising Origin on the transaction, with support from senior associate Richard Knott.
The transaction follows Clayton Utz's role as advisers to Origin on its successful $3.25 billion acquisition of the NSW energy retail assets of Country Energy and Integral Energy, as well as the GenTrader rights in respect of the Eraring power station, which completed on 1 March.
Clayton Utz partners Graham Taylor, Graeme Dennis and Emma Covacevich led that transaction, while Baker & McKenzie acted for the NSW Government.
Origin's entitlement offer is being conducted using a new equity raising structure, a Pro Rata Accelerated
Institutional, Tradeable Retail Entitlement Offer (PAITREO) developed by Merrill Lynch in consultation with Origin.
Clayton Utz advised Origin throughout the deal process, working closely with Origin's management team and joint lead managers, Macquarie, Merrill Lynch and JP Morgan, who were advised by Mallesons Stephen Jaques. Partners David Friedlander and Shannon Finch led the team that also included Catherine Sands, Amanda Isouard and Victoria Ngomba.
Clayton Utz lead partner Stuart Byrne said the willingness in recent years of the ASX and ASIC to be open to new deal structures in the equity capital markets space has been a plus for our market.
"We were, in particular, impressed at the positive approach to developments like this taken by the ASX and ASIC, which helps to ensure that Australia continues to be viewed as an attractive place to raise capital," he said.