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BOQ advised on capital raising

King & Wood Mallesons (KWM) has acted for Bank of Queensland Limited (BOQ) in relation to its latest capital raising.

December 31, 2019 • By Emma Musgrave
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Firm: King & Wood Mallesons (Bank of Queensland Limited)

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Deal: Bank of Queensland Limited (BOQ) in relation to its institutional placement and targeted share purchase plan.

 
 

Value: The deal represents a $250 million institutional placement and targeted $25 million share purchase plan.

Area: Corporate, banking and finance

Key players: The King & Wood Mallesons team was led by partners Rhys Casey and Ian Paterson, with support from senior associate Isaac Evans and solicitor Emily Travers-Jones.

Deal significance: According to a statement from KWM, the share purchase plan will remain open to eligible shareholders until just prior to Christmas.

The funds raised will provide BOQ with an increased buffer above APRA’s “unquestionably strong” common equity tier 1 capital ratio benchmark and create additional capacity to support implementation of BOQ’s strategic transformation, the firm added.

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Commenting further on the transaction, Mr Casey said: “The raising further strengthens BOQ’s balance sheet and provides a platform for BOQ to pursue its strategic priorities.”

This deals comes after KWM also advised BOQ on its additional Tier 1 Capital Notes offer in 2017.

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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