By Andrea Heisinger
New York, Jan. 10 - The Royal Bank of Canada sold $2.25 billion of six-year extendible floating-rate notes (Aa1/AA-/), according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.9467 and have a coupon of three-month Libor flat for the first year.
The initial maturity date is Feb. 6, 2012, but holders can extend the maturity in 366-day increments up to the final maturity of Feb. 3, 2017.
The coupon steps up by 5 basis points after the first year and each year until February 2015, when it remains flat until final maturity.
The notes are callable at par plus accrued and unpaid interest starting with the February 2016 interest payment date.
RBC Capital Markets Corp. was the bookrunner.
The financial services company is based in Montreal and Toronto.
| Issuer: | Royal Bank of Canada
|
| Issue: | Extendible floaters
|
| Amount: | $2.25 billion
|
| Maturity: | Feb. 6, 2012 (initial), Feb. 3, 2017 (final)
|
| Bookrunner: | RBC Capital Markets Corp.
|
| Coupon: | Three-month Libor flat
|
| Price: | 99.9467
|
| Call: | On or after February 2016 at par plus interest
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
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