Origin Energy Limited (Origin) today confirmed that it has been advised by Standard & Poor’s Ratings Services (S&P’s) that the $900 million Origin Energy Subordinated Notes due 2071 (Subordinated Notes) traded on the ASX, and the €500 million Capital Securities due 2071 (Capital Securities) traded on the LSE will change from high (100 per cent) equity content to intermediate (50 per cent) equity content.
Origin also confirmed today that it does not intend to exercise its right to redeem the Subordinated Notes and Capital Securities that was triggered as a result of S&P’s change in equity content announced on Tuesday 2 April 2013. Origin continues to have other rights to redeem the Subordinated Notes and the Capital Securities at a future date under the terms of those securities.
Origin has also been advised by S&P’s that there will be no change to the Company’s long term senior unsecured credit rating of BBB (Stable), as a result of S&P’s change in equity content.
Finally, the Company notes that S&P’s has upgraded the credit rating of the Capital Securities from B+ to BB+.
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