BOQ Preference Shares
Capital Notes Offer 2017
On 22 November 2017 Bank of Queensland Limited announced its intention to raise $300 million through the offer of Capital Notes, with the ability to raise more or less (Offer). The Offer closed on 15 December 2017 and following strong investor demand, the size of the Offer was increased to $350 million.
The Capital Notes were issued on 28 December 2017, and began trading on a deferred settlement basis on the Australian Securities Exchange (ASX) on 29 December 2017 under the ASX code "BOQPE". Trading on a normal T+2 settlement basis commenced on 3 January 2017.
Capital Notes are fully paid, unsecured, non-cumulative, perpetual, convertible notes which will pay, subject to the issue terms and BOQ’s discretion, preferred floating rate quarterly distributions which are expected to be fully franked. Capital Notes qualify as Additional Tier 1 Capital of BOQ under APRA’s Prudential Capital Requirements.
As part of the Offer, eligible holders of Convertible Preference Shares (CPS) as at 7:00pm (Sydney time) on 17 November 2017 had the opportunity to reinvest some or all of their CPS in Capital Notes.
Full Terms and Conditions are contained in the Prospectus for the issue of BOQ Capital Notes.