Allens acts on $2.6 billion bank debt facilities transaction for Origin Energy Limited
13 April 2010
Allens Arthur Robinson (Allens) acted for Origin Energy Limited (Origin), one of Australia's leading integrated energy companies focused on gas and oil exploration and production, power generation and energy retailing, on the execution of new bank debt facilities of $2.6 billion.
The transaction, which was executed on 9 April 2010, involves a syndicated bank loan for A$2.3 billion and US$200 million, together with an A$100 million bilateral bank guarantee facility.
The syndicated facility was launched at an original target size of A$1.8 billion and US$200 million, focusing on the Australian and Asian bank debt markets.
The new facilities will be used to refinance A$1.8 billion and US$200 million of existing facilities that mature in financial years 2010 and 2011.
Allens Partner Alan Maxton and Senior Associate Renee Boundy advised Origin on the transaction.
According to Ms Boundy: 'Origin's strong business and financial profile meant it received significant support from domestic and international banks. The facility closed with a significant oversubscription and Origin accepted A$500 million of oversubscriptions.
'The success of the transaction confirms that liquidity has returned to the bank debt market for Australian corporates and that the debt markets, particularly in Asia, are open for new business,' Ms Boundy said.
Ends
| Allens legal team | Alan Maxton (Partner – Sydney), Renee Boundy (Senior Associate – Sydney) and Morgan Phelan (Law Graduate – Sydney) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors..
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
