RBC and RBC Capital Trust $750 Million Offering

On December 6, 2000, Royal Bank of Canada and RBC Capital Trust (a closed end unit trust) completed an offering in Canada of $750 million of Trust Capital Securities—Series 2011 (RBC TruCS). The RBC TruCS securities were priced at $1,000 each and holders are to receive semi-annual, non-cumulative cash distributions. This offering follows the initial public offering of $650 million of Trust Capital Securities of RBC Capital Trust which closed in July 2000. The issue was underwritten by a syndicate led by RBC Dominion Secuities Inc.

The offering of RBC TruCS provides Royal Bank, as the holder of certain securities of RBC Capital Trust, with a method of raising Tier 1 capital for Canadian bank regulatory purposes. Under certain circumstances, the RBC TruCS may be exchanged, automatically or at the option of the holders, into first preferred shares of Royal Bank.

Andrew Fleming, Wendy Warhaft and Sandra Nissan of Ogilvy Renault’s Toronto office represented Royal Bank and RBC Capital Trust, together with Donald Brown, Senior Counsel at Royal Bank. James Lisson, Rick Fullerton and George Valentini of Osler, Hoskin & Harcourt LLP represented the underwriting syndicate led by RBC Dominion Securities Inc.


James H. Lisson Andrew Fleming Wendy D. Warhaft Sandra Nissan George M. Valentini Richard J. Fullerton