Origin Energy to redeem hybrids at ‘first call’

Origin Energy has announced a capital raising that should soothe the nerves of its hybrid investors (ASX Code: ORGHA). The company will raise $2.5bn via a heavily discounted equity raising, cut dividends for the next two years, slash spending and sell some assets in order to bolster its balance sheet. Like most energy producers, Origin has been hit by low prices, large debt and high capital expenditure programmes. The company...

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