Ashurst advised in $100 million funding of Wheatstone Ashburton West Pipeline Project

Ashurst has advised the Australian branch of UBS (UBS AG), who were underwriters in a $100million placement to fund the Wheatstone Ashburton West Pipeline Project.

The DUET group's (DUET) wholly owned DBP Development Group (DBP) has reached an agreement with Chevron Australia to build, own and operate the domestic gas pipeline for the Chevron-operated Wheatstone Project (Project). To fund the Project, DUET has launched a placement to raise approximately A$100 million (Placement). The Placement is fully underwritten by UBS.

The Placement was conducted via a variable price book build with an underwritten floor price of A$2.03 per new stapled security (Underwritten Price). The final price will be determined via the book build. The Underwritten Price represents a 2.4% discount to last close on 30 August 2013 (A$2.08).

The Ashurst team was lead partner Sarah Dulhunty, with lawyer Nicole Pedler, Ashurst Sydney.