Royal Bank of Canada announces preferred share issue
TORONTO, April 21, 2008 — Royal Bank of Canada
(RY on TSX and NYSE) today announced a domestic public offering
of $200 million of Non-Cumulative First Preferred Shares
The bank will issue eight million Preferred Shares priced
at $25 per share and holders will be entitled to receive non-cumulative
preferential quarterly dividends in the amount of $0.353125
per share, to yield 5.65 per cent annually. The bank has granted
the Underwriters an option, exercisable in whole or in part,
to purchase up to an additional 2 million Preferred Shares
at the same offering price.
Subject to regulatory approval, on or after May 24, 2013,
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 29, 2008.
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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Or visit the site: http://www.rbc.com/investorrelations/ir_share_information.html