RBC to redeem C$675 million of five-year rate-reset first preferreds

By Susanna Moon

Chicago, July 18 – Royal Bank of Canada said it plans to redeem all of its C$675 million outstanding non-cumulative five-year rate-reset first preferred shares, series AT and series AV.

The company will redeem the preferreds at C$25.00 per share on Aug. 24, with settlement set for Aug. 25, according to a company press release.

There are 11 million series AT preferreds outstanding, representing C$275 million of capital, and 16 million series AV shares outstanding, or C$400 million of capital.

The redemption will be funded with general corporate funds.

In separate news, the company said the final quarterly dividends for the preferreds will be paid on Aug. 22 to shareholders of record on July 24. After the dividend payout, the series AT preferreds and series AV preferreds will no longer pay out dividends.

RBC is a Toronto-based financial services company.

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