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Allens advises on transformational $1.585bn oil & gas acquisition

31 January 2018

Allens has advised a syndicate of domestic and offshore lenders on the financing of Beach Energy Limited's $1.585 billion acquisition of Origin Energy's ASX-listed conventional upstream oil and gas business, Lattice Energy Limited.

The acquisition, which reached financial close on 31 January 2018, will be transformative for Beach Energy, more than doubling the mid-cap oil & gas company's production and extending its geographic exposure from South Australia's Cooper Basin to fields throughout Australia and New Zealand.

The deal was financed by a combination of $1.475 billion in new senior secured syndicated debt facilities and a $301 million accelerated non-renounceable entitlement offer.

The acquisition, which was run as a competitive bid process, forms part of Origin's ongoing asset divestment and debt reduction program.

'We are delighted to have advised the lenders on the financing of this landmark transaction,' said lead Partner Rob Watt.

'This cross-border deal will establish Beach, Australia's largest onshore oil producer, as a major gas supplier and provide it with a platform for further growth into the sector.'

A multi-disciplinary effort which included support from Allens' alliance partner Linklaters in Singapore and New Zealand Counsel Minter Ellison Rudd Watt, the transaction builds on Allens' market-leading experience in acquisition finance.

Allens has recently advised on some of the most significant deals in the market, including Unibail-Rodamco's $32 billion acquisition of Westfield, AWE's proposed acquisition by Mineral Resources Limited, Pacific Equity Partners and The Carlyle Groups' $930 million acquisition of iNova Pharmaceuticals and Billabong's proposed acquisition by Boardriders.

Allens legal team Rob Watt (Lead Partner), Jamie Guthrie (Senior Overseas Practitioner), Nicholas Koutsoukos (Associate), Jessica O'Sullivan (Lawyer)

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 39 offices in 28 countries around the world.