Royal Bank of Canada announces preferred share issue
Royal Bank of Canada (RY on TSX and NYSE) today announced a domestic public offering of $250 million of Non-Cumulative First Preferred Shares Series AG.
The bank will issue 10 million Preferred Shares priced at $25 per share and holders will be entitled to receive non-cumulative preferential quarterly dividends in the amount of $0.28125 per share, to yield 4.50 per cent annually.
Subject to regulatory approval, on or after May 24, 2012, the bank may redeem the Preferred Shares in whole or in part at a declining premium.
The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is April 26, 2007.
The net proceeds of this transaction will be used for general business purposes and will strengthen the bank’s capital ratios.
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