Royal Bank of Canada announces subordinated debenture issue

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TORONTO, Sept. 22, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced an offering of $1 billion of subordinated debentures ("the Notes") through its Canadian Medium Term Note Program.

The Notes bear interest at a fixed rate of 3.45 per cent per annum (paid semi-annually) until September 29, 2021, and at the three-month Banker's Acceptance Rate plus 1.12 per cent thereafter until their maturity on September 29, 2026 (paid quarterly). The expected closing date is September 29, 2014. RBC Capital Markets is acting as lead agent on the issue.

The bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Notes on or after September 29, 2021 at par, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days notice to registered holders.

Net proceeds from this transaction will be used for general business purposes.

The Notes 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.

SOURCE: RBC

For further information: Investor Contacts: Julia Macleod, Investor Relations, 416-955-7302; Shirley Boudreau, Shareholder Relations, 416-955-7806; Media Contact: Sandra Nunes, Financial Communications, 416-974-1794


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