Origin Energy Limited (Origin) today announced the completion of the institutional component of its fully underwritten 4 for 7 pro rata accelerated renounceable entitlement offer (Institutional Entitlement Offer).
Completion of the Institutional Entitlement Offer represents the first stage of Origin’s $2.5 billion equity raising, announced on Wednesday 30 September 2015. The Institutional Entitlement Offer has raised gross proceeds of approximately $1.35 billion.
Origin Managing Director Grant King said, “The offer attracted strong demand from Origin’s institutional shareholders who took up approximately 92 per cent of the new shares available to them as part of the Institutional Entitlement Offer.
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About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&P/ASX 20 Index, the Company has approximately 6,900 employees and is a leading producer of gas in eastern Australia. Origin is Australia’s largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has one of the country’s largest and most flexible generation portfolios with approximately 6,000 MW of capacity, through either owned generation or contracted rights.
Origin’s strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia’s largest CSG to LNG projects based on Australia’s largest 2P CSG reserves base.
In New Zealand, Origin operates oil and gas projects and holds petroleum exploration acreage.
Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.