By Cristal Cody
Tupelo, Miss., May 28 – Royal Bank of Canada announced on Thursday that it priced C$150 million of non-cumulative preferred shares with a 4.9% annual dividend for the initial period ending Nov. 24, 2020.
The bank sold 6 million shares of the series BH preferred stock at C$25.00 per share.
RBC Capital Markets (Canada) Ltd. was the lead manager.
Royal Bank of Canada may redeem the preferred shares on or after Nov. 24, 2020 at a declining premium.
The Toronto-based financial services company plans to use the proceeds from the offering for general business purposes.
| Issuer: | Royal Bank of Canada
|
| Amount: | C$150 million, 6 million shares
|
| Securities: | Series BH non-cumulative preferred shares
|
| Bookrunner: | RBC Capital Markets (Canada) Ltd.
|
| Dividend: | 4.9%
|
| Price: | C$25.00 per share
|
| Yield: | 4.9%
|
| Call feature: | On or after Nov. 24, 2020 at a declining premium
|
| Pricing date: | May 28
|
| Settlement date: | June 5
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: P-2
|
| DBRS: Pfd-2
|
| Distribution: | Canada
|
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