- Origin Energy (OTCPK:OGFGF) says it plans to sell A$2.5B ($1.8B) in shares at a 34% discount as part of an effort to improve its balance sheet and maintain its investment-grade rating after the plunge in oil prices.
- Combined with plans to sell as much as A$800M in assets, and reduce its dividend and cut spending by A$1B across 2016-17, Origin expects to cut its net debt to below A$9B.
- Origin’s balance sheet has been stretched by its funding of the $24.7B Australia-Pacific LNG gas export project it is building along with ConocoPhillips (NYSE:COP) on Australia’s east coast.