By Laura Lutz
Des Moines, Sept. 1 - Australian Pipeline Trust released detailed terms for the A$200 million private placement of units that it announced on Thursday.
As previously reported, the company is conducting the placement and a security purchase plan, for total proceeds of about A$200 million, in connection with its acquisition of GasNet Australia.
The company sold 37.4 million ordinary units at A$4.55 each in the placement.
The price represents a 4.4% discount to the closing price of the company's stock on Aug. 31.
Settlement of the placement is expected on Sept. 6.
As of Aug. 31, Petroliam Nasional Bhd., which currently has a 10.98% interest in Australian Pipline, had committed to subscribe for at least 10.98% of the placement. Australian Gas Light Co., which owns 30% of the outstanding units, did not subscribe.
Alinta Ltd. subscribed for 10% of the placement.
ABN Amro Rothschild acted as lead manager and underwriter for the placement.
Under the security purchase plan, existing holders of Australian Pipeline units as of Sept. 5 will be able to purchase up to A$5,000 new units.
The issue price for the security purchase plan will be the lower of the institutional price and a 2.5% discount to the average of the volume weighted daily average price for the five business days after closing of the plan.
Full deals of the security purchase plan will be announced shortly, according to the company's release.
The proceeds of the deals will be used to partly restore financing flexibility and to partly fund acquisitions and development.
Australian Pipeline is a gas transporter with headquarters in Mascot, New South Wales, Australia.
| Issuer: | Australian Pipeline Trust
|
| Issue: | Ordinary units
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| Units: | 37.4 million
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| Price: | A$4.55
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| Warrants: | No
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| Manager: | ABN Amro Rothschild
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| Investors: | Petroliam Nasional Bhd. (for at least 10.98%), Alinta Ltd. (for at least 10%)
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| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Stock symbol: | Australia: APA
|
| Stock price: | A$4.82 at close on Aug. 31
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