RBC Completes Offering of Non-Viability Contingent Capital Preferred Shares

Royal Bank of Canada announced it had closed its domestic public offering of 20 million non-viable contingent capital Non-Cumulative 5 Year Rate Reset Preferred Shares, Series AZ at a price of $25 per share to raise gross proceeds of $500 million, the first Basel III compliant issue in Canada.
The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series AZ were issued under a prospectus supplement dated Jan. 23, 2014 to the bank's short form base shelf prospectus dated Dec. 20, 2013.

Royal Bank of Canada was represented in-house by Erin Dion, Senior Legal Counsel, and Javier Gonzalez, Counsel; and by Norton Rose Fulbright Canada LLP with a team including Dawn Whittaker, Evelyn Li, Heidi Reinhart and Stacey Frankel (corporate and securities) and Adrienne Oliver and Glenn Hines (tax). The underwriters were represented by Stikeman Elliott LLP with a team including Philip Henderson and Emma Parker (corporate and securities), Peter Hamilton (bank regulatory) and Jonathan Willson (tax).