Royal Bank Completes $200M Public Offering

Royal Bank of Canada completed a “bought deal” public offering in Canada of $200 million of Series AF First Preferred Shares on March 14, 2007. The shares were issued for $25 per share, pay a quarterly dividend of $0.278125 per share, to yield 4.45 per cent annually, and trade on the Toronto Stock Exchange.

The series AF preferred shares were issued under a prospectus supplement dated March 6, 2007 to the bank's September 1, 2005 base shelf prospectus which qualifies the issue of up to $5 billion aggregate principal amount of unsecured subordinated debt securities and first preferred shares.

The offering was led by RBC Capital Markets with an underwriting syndicate comprised of CIBC World Markets Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc. and Trilon Securities Corporation.

Royal Bank of Canada was represented in-house by Paul Guthrie, and by Dawn Whittaker and Evelyn Li of Ogilvy Renault LLP.

The underwriters were represented by Mihkel Voore and Maurice Swan of Stikeman Elliott LLP.


Mihkel E. Voore Maurice J. Swan Dawn P. Whittaker Evelyn Li