08 Jan 2013

Clayton Utz advises BOQ on $300 million capital raising

Brisbane, 8 January 2013: Clayton Utz has advised ASX-listed Bank of Queensland Limited (BOQ) on its convertible preference share (CPS) issue which raised $300 million.

Brisbane Corporate Advisory / M&A partner Tim Reid led the Clayton Utz team with support from special counsel Clayton Barrett, senior associate Natalie Krahe and lawyer Sewok Yang.

BOQ offered a Basel III compliant convertible preference share to raise $250 million (with the ability to raise more or less). The offer featured a voluntary buy back of existing Perpetual Equity Preference Shares and reinvestment offer into the new CPS.

Commenting on the transaction, Tim Reid said: "This issue is among the first round of hybrid issues to fully comply with APRA requirements under the Basel III prudential standards on capital that took effect on 1 January 2013."

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.