/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, July 11, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE)
today announced an inaugural Basel III-compliant 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 3.04 per cent per annum (paid
semi-annually) until July 17, 2019, and at the three-month Banker's
Acceptance Rate plus 1.08 per cent thereafter until their maturity on
July 17, 2024 (paid quarterly). The expected closing date is July 17,
2014 and 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 July 17, 2019 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.
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.
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.
For further information:
Robert Poole, Investor Relations, 416-955-7809, firstname.lastname@example.org
Shirley Boudreau, Shareholder Relations, 416-955-7806, email@example.com
Sandra Nunes, Financial Communications, 416-974-1794, firstname.lastname@example.org