Royal Bank of Canada Announces Closing of $300 Million NVCC Preferred Share Offering

Royal Bank Of Canada news release with annotations


TORONTO, March 13, 2015 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced it has closed its domestic public offering of Non-Cumulative, 5-Year Rate Reset Preferred Shares Series BF. Royal Bank of Canada issued 12 million Preferred Shares Series BF at a price of $25 per share to raise gross proceeds of $300 million.

The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series BF will commence trading on the Toronto Stock Exchange today under the ticker symbol RY.PR.M.

The Preferred Shares Series BF were issued under a prospectus supplement dated March 9, 2015 to the bank's short form base shelf prospectus dated December 20, 2013.

The Preferred Shares Series BF have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act) absent registration under the Securities Act or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be unlawful.


For further information:

Investor Contact: 
Shirley Boudreau, Shareholder Relations, 416-955-7806
Julia Macleod, Investor Relations, 416-955-7302

Media Contact: 
Sandra Nunes, Financial Communications, 416-974-1794

Non-cumulative means that when there are no dividend declaration on prior years, there are no accrual/accumulation of dividends. Dividends will be received based on declaration for a current year only.

The dividend rate will be reset after five years.

Preferred shares can have preference as to assets upon liquidation or as to dividends.

Shelf prospectus is a kind of public offering where issuers are allowed to offer and sell securities without a separate prospectus for each offering. There is a single prospectus for multiple and undefined future offerings.