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APA raises A$200m in SPP

21st September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) - Energy infrastructure company APA Group has completed its share purchase plan (SPP), raising A$200-million, well above the targeted A$75-million.

The SPP formed part of a greater capital raise, which also included a A$675-million institutional placement completed earlier this year, to part-fund the A$1.72-billion acquisition of Alinta Energy’s Pilbara assets.

The SPP was priced at A$8.46 a share, representing a 2% discount to APA’s volume weighted average share price between September 11 and September 15, and was lower than the issue price of A$8.50 used during the share placement.

“We are very pleased with the strong support received for the SPP and thank our security holders for their ongoing support of APA,” said CEO and MD Adam Watson.

The SPP securities are expected to be issued on September 22 and will start trade on September 25.

Alinta’s Pilbara assets include 200 km of high voltage powerlines, the 210 MW Port Hedland power station, the 238 MW Newman power station, the 35 MW Newman battery, the 60 MW Chichester solar farm, an 11.8% stake in 203 TJ/d Goldfields gas transmission pipeline, and 80 MW of further capacity under construction.

The acquisition provided APA with a significant growth platform to develop and operate remote-grid energy solutions for Australia’s resources industry, complementing APA’s already strong development and operational capability in key resource areas such as Mount Isa and Gruyere.

The balance of the purchase price will be funded by new debt facilities established in connection with the acquisition of A$993-million.

Edited by Creamer Media Reporter

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