Herbert Smith and A&O take lead on Bank of Ireland's €3.4bn cash plan
Herbert Smith and Allen & Overy (A&O) are advising on the Bank of Ireland's plans to raise €3.4bn (£2.9bn) in an effort to boost its recovery in the wake of the financial crisis. The bank's cash plan, which will include a €1.9bn (£1.6bn) rights issue and a €500m (£431m) share placing with institutional investors, comes after it was bailed out by the Irish Government following the collapse of the country's property market.
April 26, 2010 at 08:42 AM
2 minute read
Herbert Smith and Allen & Overy (A&O) are advising on the Bank of Ireland's plans to raise €3.4bn (£2.9bn) in an effort to boost its recovery in the wake of the financial crisis.
The bank's cash plan, which will include a €1.9bn (£1.6bn) rights issue and a €500m (£431m) share placing with institutional investors, comes after it was bailed out by the Irish Government following the collapse of the country's property market.
Bank of Ireland will also raise €1.04bn (£896m) through a placing with the Irish Government, which currently holds a 34% stake in the bank. The bank said that the deal would limit state ownership to a maximum of 36%.
The team from Herbert Smith advising the underwriters – UBS, Credit Suisse, Citi, Deutsche Bank and Davy – was headed up by corporate partner James Palmer (pictured) alongside fellow corporate partners Charles Howarth and Adam Wells.
The banks turned to A&L Goodbody for local advice with corporate partner Cian McCourt leading the team.
Bank of Ireland was advised by A&O, which fielded a team led by corporate partner Alun Eynon-Evans alongside international capital markets partners Stephen Miller and Andrew Wilson and equity capital markets partner Mark Dighero.
Arthur Cox provided Irish advice for the bank with a team led by corporate partners Brian O'Gorman and Geoff Moore, while US firm Sullivan & Cromwell provided US advice with London-based corporate partner John O'Connor taking the key role.
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