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).


Peter E. Hamilton Heidi Reinhart E. Glenn Hines Emma Parker Dawn P. Whittaker Jonathan W. Willson Philip J. Henderson Adrienne F. Oliver Evelyn Li