09:07:45 EST Thu 12 Dec 2019
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Royal Bank of Canada
Symbol RY
Shares Issued 1,435,922,967
Close 2019-07-18 C$ 104.50
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Royal Bank arranges $1.5-billion debenture offering

2019-07-18 16:45 ET - News Release

Ms. Shirley Boudreau reports

ROYAL BANK OF CANADA ANNOUNCES NVCC SUBORDINATED DEBENTURE ISSUE

Royal Bank of Canada has arranged an offering of $1.5-billion of non-viability contingent capital (NVCC) subordinated debentures through its Canadian medium-term note program.

The notes bear interest at a fixed rate of 2.74 per cent per annum (paid semi-annually) until July 25, 2024, and at the three-month banker's acceptance rate plus 0.98 per cent thereafter until their maturity on July 25, 2029 (paid quarterly). The expected closing date is July 25, 2019. RBC Capital Markets is acting as lead agent on the issue.

The bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the notes on or after July 25, 2024, at par, in whole at any time or in part from time to time, on notice of not less than 30 days and not more than 60 days to registered holders.

Net proceeds from this transaction will be used for general business purposes.

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