RBC to redeem $325 million five-year rate-reset first preferreds

By Susanna Moon

Chicago, Oct. 22 – Royal Bank of Canada said it plans to redeem all of its outstanding non-cumulative five-year rate-reset first preferred shares, series AX.

The 13 million of outstanding preferreds will be redeemed at $25.00 per share on Nov. 24, according to a company press release.

The redemption will be financed out of the general corporate funds.

RBC is a Toronto-based financial services company.

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