Royal Bank of Canada completes $500 million offering of non-viability contingent capital preferred shares

May 23, 2014

Client: Royal Bank of Canada

On May 3, 2014, Royal Bank of Canada announced that it had closed a public offering in Canada of 20 million non-viable contingent capital Non-Cumulative 5 Year Rate Reset Preferred Shares, Series BB at a price of C$25 per share to raise gross proceeds of C$500 million.

The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series BB were issued under a prospectus supplement dated May 27, 2014 to the Bank's short form base shelf prospectus dated December 20, 2013.

Royal Bank of Canada was represented in-house by Erin Dion, Senior Legal Counsel, and Josie Caldas, Counsel, and by Norton Rose Fulbright Canada LLP, with a team comprised of  Heidi Reinhart (securities/corporate) and Adrienne Oliver (tax).