JWS advises Cooper Energy on equity raising

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JWS advised Cooper Energy on all aspects of the equity raising of approximately $135 million by way of a fully underwritten accelerated non-renounceable entitlement offer. This is in addition to the placement and accelerated non-renounceable entitlement offer completed by Cooper Energy in March this year that raised approximately $151 million.

Cooper Energy announced the equity raising on 29 August 2017 at the same time as announcing that it had declared a final investment decision (FID) for the Sole Gas Project, with the execution of a fully underwritten finance package.

The finance package includes a $250 million senior secured bank debt facility fully underwritten by ANZ and Natixis, a senior secured working capital facility of $15 million provided by ANZ and the fully underwritten accelerated non-renounceable entitlement offer to raise approximately $135 million.

The purpose of the equity raising and finance package is to fund the remaining Sole gas project capital cost, as well as provide additional funding and liquidity arrangements associated with bank finance and capital expenditure identified for Cooper Energy’s offshore and onshore Otway Basin and Cooper Basin operations and maintenance of the offshore Gippsland Basin facilities.

JWS Partner and Head of Transactional and Advisory John Keeves led the deal with assistance from the Corporate team. Partner James Marshall from the Energy & Resources team also advised Cooper Energy on negotiations with APA Group relating to the Orbost Gas Processing Plant and on the purchase of the assets comprising the Sole Gas Project.

Cooper Energy was also advised by Grant Samuel.  Euroz Limited and Canaccord Genuity Australia were Joint Lead Managers to the equity raising, with Taylor Collison Co-Lead Manager.

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