Origin notes S&P's change in equity content of hybrid securities
Origin Energy Limited (Origin) today noted the announcement by Standard & Poor's Ratings Services (S&P's) that it has revised the criteria it uses to assign equity content to hybrid capital instruments.
As a result of the change in the criteria by S&P's, 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 no longer qualify for high (100 per cent) equity content.
The Capital Securities will also no longer have a mandatory deferral trigger.
The change in the equity content is a Rating Event under the terms and conditions of the Capital Securities and a Capital Event under the terms and conditions of the Subordinated Notes. As a consequence, Origin has the right to redeem the Capital Securities and Subordinated Notes in accordance with the respective terms and conditions of the securities.
Origin will consider whether it will exercise its early redemption rights and will provide an update after the equity content ascribed to the Subordinated Notes and the Capital Securities is confirmed by S&P's.
For further information please contact:
| Media Lina Melero General Manager, External Affairs Ph: +61 2 8345 5217 Mobile: +61 427 017 798 | Investors Kylie Springall Group Manager, Investor Relations Ph: +61 2 8345 5288 Mobile: +61 400 477 393 |
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 more than 5,800 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 the country's largest and one of the most flexible generation portfolios with approximately 5,900 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 is the major shareholder in Contact Energy, the country's leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country.
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.
For more information go to www.originenergy.com.au.
