King & Wood Mallesons has acted on Origin Energy Limited’s pro rata accelerated renounceable entitlement offer (with retail rights trading) (PAITREO) of new ordinary shares to existing shareholders, advising the lead manager Macquarie Capital (Australia) Limited.

The offer consists of an accelerated institutional rights issue and a retail rights issue (including retail rights trading) to raise approximately $2.5 billion.

The KWM team was led by M&A partner David Friedlander, who was supported by senior associate Amanda Isouard and solicitors Robert Garritano and Michael Ting.

Commenting on the announcement, David Friedlander said: "We have worked for the underwriters on a number of Origin capital raisings over the years. Each one has been very different and a showcase of the flexible and facilitative regime we have here in Australia to enable equity to create growth."

This is in fact the third time that KWM has acted on a capital raising initiative involving Origin. KWM previously acted on Origin’s $2.3 billion entitlement offer in 2011, which was the first PAITREO equity raising structure.