Royal Bank of Canada Completes US$1B Offering

Royal Bank of Canada filed a shelf registration statement on Form F-9 with the U.S. Securities and Exchange Commission under the U.S. multijurisdictional disclosure system, and a base shelf prospectus with the Commission des valeurs mobilières du Québec, for the purpose of qualifying up to US$4 billion of senior debt securities and subordinated indebtedness.

On October 23, 2003, the bank completed a public offering of US$1 billion of senior floating rate renewable notes, EXtendible Liquidity Securities, in the U.S. by way of shelf prospectus supplement. The underwriters for the offering were Morgan Stanley & Co. Incorporated and RBC Dominion Securities Corporation.

The bank was represented by in-house counsel Antonella Deo; assisted in Canada by Andrew Fleming, Francis Legault, Dawn Whittaker, Adrienne Oliver and Paul Fitzgerald of Ogilvy Renault; and in the U.S. by Sullivan & Cromwell LLP in New York, with a team that included Andrew Soussloff, Donald Crawshaw, Willard Taylor, Judith Fiorini, David Christopherson and Michael Minahan.

The underwriters were represented by Davis Polk & Wardwell in New York, with a team that included Winthrop Conrad, Jr., Randy Guynn, Michael Farber, Donna Chambers, Michael Huber and Shaya Rochester. The trustee under the indenture, JPMorgan Chase Bank, was represented by Michael Fruchter and Ron Sarubbi of Pryor Cashman Sherman & Flynn LLP in New York.