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RBC plans redeemable step-up notes due 2035 with 3% initial rate
By Toni Weeks
San Diego, Dec. 12 - Royal Bank of Canada plans to price redeemable step-up notes due Dec. 28, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% for the first 13 years, stepping up to 4% for years 14 through 18 and to 5% for years 19 through 23. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on the semiannual interest payment dates in 2013, 2014 and 2015, and then again on Dec. 28, 2020, Dec. 28, 2025 and Dec. 28, 2030.
The notes (Cusip: 78008SLM6) are expected to settle Dec. 28.
RBC Capital Markets, LLC is the underwriter.
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