Origin sells €1bn hybrid inside old one

By Jon Hay
08 Sep 2014

Origin Energy, the Australian electricity and gas group that issued an innovative hybrid capital bond in euros in 2011, returned to the market on Monday with a much more conventional — and hence, in the present climate, crowd-pleasing instrument.

The company announced its deal on August 22, as part of the financing for its acquisition of Karoon Gas’s 40% interest in two offshore gas exploration permits in the West Australian Browse Basin for $600m-$800m.

Origin wanted €750m-€1bn from the hybrid issue and got €1bn.

It ...

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