Clayton Utz and Mallesons Stephen Jaques are the lead advisors on Origin Energy’s latest hybrid raising, capitalising on the success of the A$700 million Woolworths hybrid raising and a growing demand for high-yield debt among cashed up investors wary of the unstable Euro zone. Mallesons partners Ian Paterson and Shannon Finch led the team advising the sole arranger, UBS, and additional joint lead managers NAB, ANZ, CBA and Macquarie Bank. They were assisted by solicitors Kartik Subraimaniam, Piny Ly and Jess Hudson. Clayton Utz advised Origin Energy.
Clayton Utz partner and head of equity capital markets, Stuart Byrne, also advised long time client Origin on its A$2.3 billion pro rata renounceable entitlement offer, announced in March. Byrne was assisted by banking partners Graeme Gurney and Louise McCoach and corporate senior associates Patricia Paton and Richard Knott, banking senior associate Alex Chernishev and fellow senior associate Stratos Karousos. Byrne was instrumental in developing the PAITREO style first used on the March offer. In September, following a A$259 million PAITREO raising on which Byrne was also lead advisor, he and Mallesons partner David Friedlander predicted that if the debt markets remained skittish more of these hybrid offerings would be on the cards.
Despite caution over the Euro zone debt crisis, Origin also raised €500 million in the European debt markets in July, as it looks to shore up funds for the APLNG project in Queensland. Raising funds has become more costly, but investors are still keen to participate in solid local income opportunities.
