RBC Closes $600m Offering Of NVCC

Royal Bank of Canada completed a public offering of 24-million non-cumulative 5-year rate reset preferred shares (non-viable contingent capital (NVCC)) at a price of $25 per share for total proceeds of $600 million.

RBC Dominion Securities Inc. acted as lead dealer for the offering with a syndicate that included Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Laurentian Bank Securities Inc., Manulife Securities Incorporated, Dundee Securities Ltd., HSBC Securities (Canada) Inc. and Raymond James Ltd.

Royal Bank of Canada was represented internally by Erin Dion and Javier Gonzalez, 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 dealers were represented by Stikeman Elliott LLP with a team that included Philip Henderson, Paul Rakowski and Melissa John (securities) and Jonathan Willson (tax).


Philip J. Henderson