Chevron exits Caltex and raises $3.6b

Demand was strong for the Australian petroleum refiner and distributor, with over 150 investors participating in the accelerated block.

US energy company Chevron raised A$4.7 billion $3.6 billion after offloading its 50% stake in Caltex Australia in one of the country’s largest ever block trades.  

In the long-anticipated share sale, Chevron sold 135 million shares at A$35 per share, a 7.6% discount to Friday’s close. There was a hard underwriting price of A$34.20 per unit, a 9.7% discount to the close, but strong demand allowed the issuer to push the price to A$35.

Goldman Sachs, the sole bookrunner, launched the deal on Friday at 5pm in Australia with no wall-cross process. Launching the deal blind had no negative impact on demand some 45 minutes later,...

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