/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 18, 2019 /CNW/ - Royal Bank of
Canada (RY on TSX and NYSE) today
announced an offering of $1.5 billion
of non-viability contingent capital (NVCC) subordinated debentures
("the Notes") through its Canadian Medium Term Note Program.
The Notes bear interest at a fixed rate of 2.74 per cent per
annum (paid semi-annually) until July 25,
2024, and at the three-month Banker's Acceptance Rate plus
0.98 per cent thereafter until their maturity on July 25, 2029 (paid quarterly). The expected
closing date is July 25, 2019. 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 25,
2024 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 Royal Bank of Canada