Origin successfully prices €900 million medium term notes as it refinances existing debt facilities
Origin Energy Limited (Origin) today announced the successful pricing and allocation of €750 million seven and a half year medium term notes (Notes) issue under its Euro Medium Term Note Program (Program). The Notes have a coupon of 2.50 per cent and will mature in October 2020. The proceeds have been swapped into Australian dollars.
The settlement of the offering is expected to occur by the end of April 2013 and is subject to customary settlement conditions.
The Notes will be issued by Origin Energy Finance Limited (a subsidiary of Origin) and will be guaranteed by Origin and certain of its subsidiaries.
This transaction follows the settlement on 5 April 2013 of a €150 million issuance of ten year notes under the Program, also swapped into Australian dollars.
Origin Executive Director, Finance and Strategy, Ms Karen Moses said, "Origin continues to focus on managing the maturity of its existing debt facilities, and the proceeds from both issues will be applied to the refinancing of existing debt used to fund capital expenditure associated with the Australia Pacific LNG project."
A summary of the key terms and conditions for both transactions is attached in Annexure A.
For further information please contact:
| Media Anneliis Allen Senior External Affairs Manager Ph: +61 2 8345 5119 Mobile: +61 428 967 166 | 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.
Annexure A - Summary of key terms and conditions
| Transaction | 7.5 year notes | 10 year notes |
| Size | EUR750,000,000 | EUR150,000,000 |
| Proceeds in AUD | AUD949,607,496 | AUD186,081,131 |
| Coupon | 2.500 per cent | 3.000 per cent |
| Maturity | October 2020 | 5 April 2023 |
| Issuer | Origin Energy Finance Limited | |
| Guarantors | Origin Energy Limited and certain of its subsidiaries | |
| Ranking | Pari passu with all other unsubordinated and unsecured indebtedness of the Issuer | |
| Change of Control | Upon the downgrade of the Notes to below investment grade by two or more rating agencies engaged by Origin within a specified period of a chage of control of Origin, each holder of the Notes has the right to require the Issuer to purchase that holder's Notes at the principal amount plus any unpaid interest to the date of the purchase | |
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