TORONTO, March 5 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced a domestic public offering of $200 million of Non-Cumulative First
Preferred Shares Series AF.
The bank will issue 8 million Preferred Shares priced at $25 per share
and holders will be entitled to receive non-cumulative preferential quarterly
dividends in the amount of $0.278125 per share, to yield 4.45 per cent
annually. The bank has granted the Underwriters an option, exercisable in
whole or in part, to purchase up to an additional 2 million Preferred Shares
at the same offering price.
Subject to regulatory approval, on or after May 24, 2012, the bank may
redeem the Preferred Shares in whole or in part at a declining premium.
The offering will be underwritten by a syndicate led by RBC Capital
Markets. The expected closing date is March 14, 2007.
The net proceeds of this transaction will be used for general business
purposes and will strengthen the bank's capital ratios.
For further information:
For further information: Investor Contacts: David Mun, Investor
Relations, Toronto, (416) 955-7808, firstname.lastname@example.org; Shirley Boudreau,
Shareholder Relations Officer, Toronto, (416) 955-7806,
email@example.com; Media Contact: Beja Rodeck, Media Relations,
Toronto, (416) 974-5506, toll-free 1-888-880-2173, firstname.lastname@example.org