Royal Bank of Canada to redeem NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ
April 16 2024 - 8:54AM
PR Newswire (Canada)
TORONTO, April 16,
2024 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced
its intention to redeem all of its issued and outstanding
Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate
Reset First Preferred Shares, Series AZ (Series AZ shares) (TSX:
RY.PR.Z) on May 24, 2024, for cash at
a redemption price of $25.00 per
share to be paid on May 24, 2024.
There are 20,000,000 Series AZ shares outstanding, representing
$500 million of capital. The
redemptions will be financed out of the general corporate funds of
Royal Bank of Canada.
The final quarterly dividend of $0.23125 for each of the Series AZ shares will be
paid separately from the redemption price for each of the Series AZ
Shares and in the usual manner on May 24,
2024 to shareholders of record at the close of business on
April 25, 2024. After such dividend
payments, the holders of Series AZ shares will cease to be entitled
to dividends.
SOURCE Royal Bank of Canada
Copyright 2024 Canada NewsWire
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