BOQ initially looked to raise $325m through the hybrid securities, but it raised $350m when the offer closed late in December. The offer raised additional capital, which will be used for general corporate and funding purposes, including partially refinancing the bank’s convertible preference shares in 2012.
Banking partner Ian Paterson in Melbourne, corporate M&A partner Rhys Casey in Brisbane, tax partner Darren McClafferty in Melbourne, and banking managing partner Evie Bruce in Sydney led the KWM team on the deal.
They were supported by senior associates Isaac Evans and Sylvester Urban and solicitors Charlene Soh, Akshay Naran, Stephanie Judd, and Samir Bhagat.
Casey said that the transaction received very strong investor support and delivered increased flexibility in terms of the bank’s capital management and funding strategy.
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King & Wood Mallesons (KWM) has advised the Bank of Queensland (BOQ) on its latest capital notes offer.