On October 2, 2015, Royal Bank of Canada completed a public offering of 6,000,000 non-viable contingent capital Non-Cumulative First Preferred Shares, Series BJ at $25 per share for gross proceeds of $150 million.
RBC Dominion Securities Inc. acted as lead underwriter for the offering with a syndicate that included Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., Manulife Securities Incorporated and Raymond James Ltd. The preferred shares were issued under a prospectus supplement dated September 28, 2015, to the Bank’s short form base shelf prospectus dated December 20, 2013.
Royal Bank of Canada was represented internally by Erin Dion, Senior Counsel, and by Heidi Reinhart and Todd Melchior (securities) of Norton Rose Fulbright Canada LLP with a team that included Adrienne Oliver and Michael Wong (tax).
The underwriters were represented by Stikeman Elliott LLP with a team that included Philip Henderson, Paul Rakowski and Daniel Glavin (securities) and Jonathan Willson (tax).