The move will funds Beach’s capital expenditure program over the next two to three years, including conventional and unconventional gas projects in the Cooper Basin and exploration projects in Egypt and Tanzania.
Piper Alderman partners Owen Keen and Craig Yeung, along with lawyer Jarrod Wilksch, devised two offers that will net the required amount of funds.
The first is a fully underwritten one Beach share for every eight Beach shares pro-rata accelerated non-renounceable entitlement offer, consisting of an institutional component that will raise approximately $115m and a retail component to raise approximately $80m.
The second is a convertible notes offer to raise $150m from unsecured convertible notes due 2017. These are being offered to institutional investors, primarily in the Asian and European markets.
Gordon Grieve, head of the firm's energy and resources practice, and client relationship partner for Beach said the firm has worked with the client for more than 20 years.
King & Wood Mallesons acted for the Joint Bookrunners for the convertible notes offer, and Underwriters for the equity offer. The team was led by partners John Sullivan and Shannon Finch.