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BOQ issues capital notes

BOQ issues capital notes

Duncan McGrath Gilbert Tobin

Firms advised major banks on the issue of $150 million in capital notes by Bank of Queensland.

Firms: Gilbert + Tobin (NAB, Westpac, Deutsche Bank), Clayton Utz (Bank of Queensland)

Deal: National Australia Bank, Westpac and Deutsche Bank were the joint lead managers on the issue of capital notes by Bank of Queensland.

Value: $150 million

Area: Banking and finance

Key players: The team at Gilbert + Tobin included partner Duncan McGrath (pictured), special counsel Benjamin Downie and lawyer Elyse Newell.

Deal significance:

The transaction is the first issue of Additional Tier 1 Capital in the wholesale market in Australia through sub-investment grade notes, according to a statement from Gilbert + Tobin.

The proceeds of the issue will be used for general corporate purposes.

Mr McGrath said the outcome was favourable for his clients.

“It was great to work so closely with National Australia Bank, Westpac and Deutsche Bank and to see them achieve such a fantastic outcome,” he said.

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