TORONTO, Aug. 26, 2020 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced
its intention, subject to the approval of the Office of the
Superintendent of Financial Institutions (OSFI), to redeem all of
its issued and outstanding Non-Cumulative First Preferred Shares,
Series W (Series W Shares), Non-Cumulative First Preferred Shares,
Series AA (Series AA Shares), Non-Cumulative First Preferred
Shares, Series AC (Series AC Shares), Non-Cumulative First
Preferred Shares, Series AE (Series AE Shares), Non-Cumulative
First Preferred Shares, Series AF (Series AF Shares), and
Non-Cumulative First Preferred Shares, Series AG (Series AG Shares)
on October 1, 2020, for cash at a
redemption price per Series W, Series AA, Series AC, Series AE,
Series AF, and Series AG share, respectively, of $25.00, together with all declared and unpaid
dividends.
In addition, the Bank has also declared a 38-day dividend of
$0.127534 per Series W share,
$0.115822 per Series AA share,
$0.119726 per Series AC share,
$0.117123 per Series AE share,
$0.115822 per Series AF share and
$0.117123 per Series AG share
covering the period from August 24,
2020 (the date of the last dividend payment), up to but
excluding the redemption date of October 1,
2020. This results in a total amount of $25.127534 per Series W share, $25.115822 per Series AA share, $25.119726 per Series AC share, $25.117123 per Series AE share, $25.115822 per Series AF share and $25.117123 per Series AG share, to be paid upon
surrender of the Series W shares, Series AA shares, Series AC
shares, Series AE shares, Series AF shares, and Series AG
shares.
There are 12,000,000 Series W shares outstanding, representing
$300 million of capital; 12,000,000
Series AA shares outstanding, representing $300 million of capital; 8,000,000 Series AC
shares outstanding, representing $200
million of capital; 10,000,000 Series AE shares outstanding,
representing $250 million of capital;
8,000,000 Series AF shares outstanding, representing $200 million of capital and 10,000,000 Series AG
shares outstanding, representing $250
million of capital. The redemptions will be financed out of
the general corporate funds of Royal Bank of Canada.
SOURCE Royal Bank of Canada