Royal Bank of Canada announces increase to preferred share
issue
TORONTO, March 24, 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 AV (the "Preferred
Shares Series AV"), the size of the offering has been
increased to 13 million shares. The gross proceeds of the
offering will now be $325 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 AV 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 April 1, 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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