Royal Bank of Canada announces Preferred Share issue
TORONTO, October 23, 2006 — Royal Bank of Canada
(RY on TSX and NYSE) today announced a domestic public offering
of $200 million of Non-Cumulative First Preferred Shares Series
AC (the 'Preferred Shares').
The bank will issue 8 million Preferred Shares priced at
$25 per share and holders will be entitled to receive non-cumulative
preferential quarterly dividends in the amount of $0.2875
per share, to yield 4.60 per cent annually.
Subject to regulatory approval, on or after November 24,
2011, 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 November 1,
2006.
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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For further information, please contact:
Media Contact:
Beja Rodeck, Media Relations, Toronto - (416) 974-5506
Investor Contacts:
David Mun, Investor Relations, Toronto - (416) 955-7808
Shirley Boudreau, Shareholder Relations Officer,
Toronto - (416) 955-7806
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