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Bank of Queensland advised on capital notes offer
Global law firm King & Wood Mallesons has advised Bank of Queensland (BOQ) on its offer of Capital Notes 3.
Emma Musgrave
Firm: King & Wood Mallesons (BOQ).
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Deal: BOQ has been advised on its offer of Capital Notes 3.
Value: $400 million
Area: Finance
Key players: The King & Wood Mallesons team was led by partners Rhys Casey and Ian Paterson, senior associates Matt McKeown and Kathryn Tomasic and solicitors Sacha Kemp, Isobel O’Malley and Shannon O’Brien.
Scott Heezen, Stuart Broadfoot and Sylvester Urban provided tax advice to BOQ on the deal.
Deal significance: As per a statement provided by King & Wood Mallesons, BOQ issued Capital Notes 3 to raise eligible Additional Tier 1 Capital as part of its capital management strategy.
The proceeds of the issue will be used for BOQ’s general corporate and funding purposes, including to redeem the $200 million wholesale capital notes issued by Members Equity Bank Limited on 28 November 2017 (to which BOQ succeeded as issuer), the firm said.
Commenting further on the transaction, partner Rhys Casey said: “We are very pleased to have helped BOQ to execute this capital transaction, which has received strong investor support and is an important part of BOQ’s ongoing capital management and funding strategy.”
