Australia: Clayton Utz advises BOQ on $300 million capital raising
Last Updated: 8 January 2013

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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