Origin chair steps down

Gordon Cairns set to replace Kevin McCann; group successfully prices $US800m notes offer.

Origin Energy (ORG) chairman Kevin McCann has announced his retirement, effective after the company's annual general meeting on October 23.

In a statement to the Australian Securities Exchange, Origin said the board has elected Gordon Cairns as his replacement, subject to reappointment as a director by shareholders.

Mr Cairns joined Origin's board in 2007 and was previously chairman of Rebel Group and a director of the Centre for Independent Studies. 

Mr McCann said Mr Cairns brings extensive breadth and depth of experience to the role. 

Meanwhile, the group successfully priced and allocated $US800 million of five year senior unsecured notes in the United States 144A market.

The notes have a coupon of 3.5 per cent and will mature in October 2018.

The proceeds have been swapped into Australian dollars and will be used to repay existing bank debt, to fund Origin's contribution to Australia Pacific LNG and for "general corporate purposes".

The issue follows the pricing and allocation of €800 million notes announced earlier this week. 

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