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News Releases

 

Royal Bank of Canada announces increase to preferred share issue

TORONTO, January 21, 2009 — Royal Bank of Canada (RY on TSX and NYSE) today announced that as a result of strong investor demand for its domestic public offering of Non-Cumulative, 5 year rate reset Preferred Shares Series AR (the "Preferred Shares Series AR"), the size of the offering has been increased to 10 million shares. The gross proceeds of the offering will now be $250 million. In addition, the bank has granted the Underwriters an option, exercisable in whole or in part, to purchase up to an additional 3 million Preferred Shares Series AR at a price of $25 per share. The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is January 29, 2009.

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 business purposes.

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For further information, please contact:

Media Contact:
Jackie Braden, Media Relations, (416) 974-2124

Investor Contact:
James Colburn, Investor Relations, (416) 955-7808

Or visit the site: http://www.rbc.com/investorrelations


 



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01/21/2009 17:26:57