Origin Sounds Capital Raising
Origin Energy has continued the rollout of plans to help ease the burden of borrowings for their LNG projects in Queensland. With debts projected to hit $9bn by 2017, Origin announced a $2.5bn share offer.
This move follows the sale of Contact Energy, a New Zealand-based energy supplier, earlier this year, worth $1.8 bn. Capital and operational expenditure is also going to be reined in substantially into the future to ensure that Origin is able to improve the position of its balance sheet.
Origin shares have halved since July at $12.17, to a price of $6.10 today, with trading halted till October 6.
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