A&O, Cleary and Herbies lead on Bank of Ireland fundraising

Allen & Overy (A&O), Cleary Gottlieb Steen & Hamilton and Herbert Smith led a clutch of firms advising on Bank of Ireland’s (BoI) €3.4bn (£2.9bn) integrated debt and equity capital raising.

Corporate partner Alun Eynon-Evans and capital markets partner Stephen Miller led the way for the A&O team which advised longstanding client BoI on both the debt and equity elements of the deal.

Herbert Smith advised arrangers Citi, Credit Suisse, Davy, Deutsche Bank and UBS on the equity part, which involves a rights issue and institutional shares placing worth a combined €2bn. The team featured incoming head of corporate James Palmer as well as corporate partners Charles Howarth and Adam Wells.

Cleary advised the joint bookrunners on the debt aspects, with capital markets partner Pierre-Marie Boury leading.

Other legal advisers on the deal included A&L Goodbody and Arthur Cox, which acted for the banks and BoI respectively on Irish law, and Sullivan & Cromwell which advised BoI on US law.

Miller commented: “It’s an excellent deal for us to be on as it’s quite a large transformational exercise.

“It’s a turning point for the bank as it will allow it to transfer out of state support.”

Part of the capital raising will see around half of the Irish government’s €3.5bn in preference shares converted into ordinary shares.