17 November 2011

Clayton Utz advises Origin Energy on A$500 million hybrid raising

Sydney, 17 November 2011: Clayton Utz has advised Origin Energy Limited on its A$500 million offer of hybrid notes to be listed on the ASX, announced to the market on 15 November.

Clayton Utz partner Stuart Byrne led the firm's team, with partners Graeme Gurney and Louise McCoach, together with senior associates Patricia Paton, Richard Knott, Stratos Karousos and Alex Chernishev. Clayton Utz's role follows that as adviser to Woolworths Limited on its current A$500 million offer of subordinated notes announced to the market on 18 October, with the same team acting on that transaction.

Origin's A$500 million offer is one of several raisings announced to the market this week on which Clayton Utz has advised. They include:

  • Pharmaxis Ltd's up to A$80 million pro rata accelerated non-renounceable entitlement offer, announced to the market on 16 November (advising the joint lead managers Merrill Lynch International (Australia) Ltd and Wilson HTM Corporate Finance Ltd; lead partner Stuart Byrne with support from lawyer Addison Ma);
  • Silver Lake Resources Limited's A$70 million institutional share placement, announced to the market on 16 November (advising the global lead manager; lead partner Stuart Byrne with support from senior associate Stratos Karousos), and;
  • Ramelius Resources Limited's A$40 million institutional share placement announced to the market on 7 November (advising the lead manager; lead partner Stuart Byrne with support from lawyer Cameron McCoy).

Mr Byrne said the recent offers demonstrated the depth and flexibility in Australian capital markets and continued interest from foreign investors, particularly in the US, in targeted sectors such as resources.

Disclaimer
Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this bulletin. Persons listed may not be admitted in all states and territories.
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