Origin Energy Limited (Origin) yesterday announced it intends to issue new hybrid Euro capital securities as part of its funding strategy for the recently completed Browse Basin acquisition.

Hybrid capital forms an important part of Origin’s capital management strategy, including two issues previously completed and outstanding in the Euro and Australian markets:

£500 million of Capital Securities due 2071 listed on the LSE (Capital Securities) issued by Origin Energy Finance Limited (OEFL); and $900 million of Subordinated Notes due 2071 listed on ASX (Subordinated Notes) issued by Origin Energy Limited.

On 2 April 2013, Standard & Poor’s Ratings Service (S&P) announced a change in equity content for the Capital Securities and Subordinated Notes from 100 per cent to 50 per cent. The following day Origin announced that it did not intend to exercise its rights to redeem the Capital Securities and Subordinated Notes triggered by S&P’s change in equity content.

Today, Origin confirms that it will not exercise its right to redeem the Capital Securities and Subordinated Notes as a result of S&P’s change in equity content announced on 2 April 2013. Origin and OEFL have each executed a deed poll to this effect, one in favour of the holders of Capital Securities and the other in favour of the holders of Subordinated Notes.

Euro Capital Securities due 2071 (3 pages)
Australian Subordinated Notes due 2071 (2 pages)


Stephen Ellaway
Senior External Affairs Manager
Ph: +61 2 9375 5834
Mobile: +61 417 851 287
Peter Rice 
General Manager, Capital Markets
Ph: +Ph: +61 2 8345 5308
Mobile: +61 417 230 306