On July 24, 2024, Royal Bank of Canada completed its offering of 600,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BW (NVCC) (Preferred Shares) to certain institutional investors for gross proceeds of $600 million.
The holders of Preferred Shares will be entitled to receive fixed rate non-cumulative preferential dividends at a rate of 6.698% per annum, payable semi-annually, for the initial period ending November 24, 2029. Thereafter, the dividend rate on the Preferred Shares will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.40%. Net proceeds from this transaction will be used for general banking purposes.
Royal Bank of Canada is a global financial institution and the largest bank in Canada by market capitalization.
Osler, Hoskin & Harcourt LLP represented Royal Bank of Canada with a team consisting of Rosalind Hunter, Jeremy Wu, Ben Fickling (Corporate) and Timothy Hughes and James Chang (Tax).
Key Contact
Partner, Corporate, Toronto
Team
Associate, Corporate, Toronto
Associate, Corporate, Toronto
Partner, Tax, Toronto
Associate, Tax, Toronto
