Duet has announced the completion of its fully underwritten placement to raise $200million to fund its acquisition of the Dampier to Bunbury natural gas pipeline (DBP).
The Placement Offer proceeds are being used by Duet to fund in part the acquisition of Alcoa’s 20 per cent interest in the pipeline for $205million.
As a result of the Acquisition, Duet’s aggregate ownership of DBP will increase from 80 per cent to 100 per cent.
Financial close is expected in April 2016.
The placement offer, which was oversubscribed, was conducted at a fixed price of $2.20 per new-stapled security, representing a 3.5 per cent discount to Duet’s last close on 30 March 2016.
Approximately 90.9million New Stapled Securities will be issued under the placement offer, which will rank pari passu with existing stapled securities.
Duet CEO, David Bartholomew, said, “The placement offer attracted strong interest from institutional investors, who continue to support DUET’s core businesses and the further simplification of the group’s structure.”
