King & Wood Mallesons has acted on AGL Energy Limited’s pro rata accelerated renounceable entitlement offer (with retail rights trading) (‘PAITREO’) of up to approximately $1.2 billion of shares, advising the joint lead managers Citigroup Global Markets Australia Pty Limited, Deutsche Bank AG, Sydney Branch and Merrill Lynch Equities (Australia) Limited. The offer consists of an accelerated institutional entitlement offer and a retail entitlement offer.

The proceeds of the offer will be used to fund part of the acquisition of the Macquarie Generation assets from the New South Wales Government.

The King & Wood Mallesons team was led by M&A partners David Friedlander and David Eliakim, who were supported by senior associate Amanda Isouard and solicitor Robert Garritano.

David Friedlander said: “We are delighted to have acted for the joint lead managers, who stood by AGL throughout the entire transaction and ACT appeal process.”

King & Wood Mallesons also advised on AGL’s $900 million PAITREO and its $650 million high equity credit subordinated note issue, both in 2012.