RBC's $4 Billion in Six-Year Extendible Notes

On April 15, 2008, the Royal Bank of Canada announced the sale of $4 billion of six-year extendible notes in two tranches in a 144a private placement.

The sale consisted of $1.7 billion of notes due May 15, 2014, which have an initial coupon rate equal to the three-month London interbank offered rate or LIBOR plus 0.30 percentage points. The second $2.3 billion tranche, also due on May 15, 2014, has an initial coupon rate of 0.40 percentage points more than the one-month LIBOR. The notes were sold through joint lead managers Banc of America LLC, Morgan Stanley and the RBC Capital Markets.

The issuer, Royal Bank of Canada, was represented by Ogilvy Renault LLP in Canada with a team comprised of Andrew Fleming (banking and financial products) and Adrienne Oliver (tax). Royal Bank of Canada was represented in the United States by Sullivan & Cromwell LLP with a team comprised of Donald Crawshaw and Michelle Phillips.

Banc of America LLC, Morgan Stanley and RBC Capital Markets were represented by Sidley Austin LLP.