RBC calls all series BK, BM five-year rate reset first preferreds

By Marisa Wong

Los Angeles, April 15 – Royal Bank of Canada announced it plans to redeem all of its issued and outstanding non-cumulative five-year rate reset first preferred shares, series BK (TSX: RY.PR.Q) on May 24.

There are 29 million series BK shares outstanding, representing C$725 million of capital.

The series BK preferreds will be redeemed for cash at a redemption price of C$25.00 per share to be paid on May 25.

RBC also intends to redeem all of its issued and outstanding non-cumulative five-year rate reset first preferred shares, series BM (TSX: RY.PR.R) on Aug. 24 for cash at a redemption price of C$25.00 per share to be paid on Aug. 24.

There are 30 million series BM shares outstanding, representing C$750 million of capital.

The redemptions will be financed out of the bank’s general corporate funds.

The final quarterly dividend of each preferred will be paid separately from the redemption price and in the usual manner.

RBC is a Toronto-based financial services company.

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