RBC to redeem C$950 million of four preferreds on Nov. 24, Feb. 24

By Susanna Moon

Chicago, Oct. 23 – Royal Bank of Canada said it plans to call four series of preferred shares.

The issuer will redeem its C$250 million of non-cumulative first preferred shares, series AD, on Nov. 24 for a cash redemption price of C$25.00 per share to be paid on Nov. 26, according to an announcement.

RBC also plans to redeem its C$61 million of non-cumulative floating-rate first preferred shares, series AK; its C$339 million of non-cumulative five-year rate reset first preferred shares, series AJ; and its C$300 million of non-cumulative five-year rate reset first preferred shares, series AL, on Feb. 24, 2019 at a redemption price of C$25.00 per share to be paid on Feb. 25, 2019.

The redemptions will be financed with general corporate funds.

RBC is a financial services company based in Toronto.

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