Royal Bank of Canada announces Institutional NVCC Preferred Share Issue

About this update from Royal Bank Of Canada

[{"type":"text","content":"\n \n \n \n Royal Bank of Canada announces Institutional NVCC Preferred Share Issue\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days, through SEDAR+.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 17, 2024\n \n \n /CNW/ - Royal Bank of\n \n Canada\n \n (TSX: RY) and (NYSE: RY) today announced a domestic public offering of Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BW (\"Preferred Shares Series BW\").\n \n \n \n \n \n \n \n \n \n Royal Bank of\n \n Canada\n \n will issue to certain institutional investors 600 thousand Preferred Shares Series BW priced at\n \n $1,000\n \n per share to raise gross proceeds of\n \n $600 million\n \n .\n \n \n The Preferred Shares Series BW will yield 6.698 per cent annually, payable semi-annually, as and when declared by the Board of Directors of Royal Bank of\n \n Canada\n \n , for the initial period ending\n \n November 24, 2029\n \n . Thereafter, the dividend rate will reset every five years at a rate equal to 3.40 per cent over the 5-year Government of\n \n Canada\n \n bond yield.\n \n \n Subject to regulatory approval, the bank may redeem the Preferred Shares Series BW in whole or in part at par, during the period from\n \n October 24, 2029\n \n to and including\n \n November 24, 2029\n \n and during the period from\n \n October 24\n \n to and including\n \n November 24\n \n every five years thereafter, on not less than 15 days and not more than 60 days' notice.\n \n \n RBC Capital Markets is acting as lead agent on the issue. The expected closing date is\n \n July 24, 2024\n \n . We routinely undertake funding transactions to maintain strong capital ratios and a cost effective capital structure. Net proceeds from this transaction will be used for general banking purposes.\n \n \n The Prefer...

More updates from Royal Bank Of Canada