RY.PR.M : No Conversion To FloatingReset

Royal Bank of Canada has announced:

that during the conversion notice period, which ran from October 26, 2020 to November 9, 2020, 52,464 Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BF (the “Series BF shares”) were tendered for conversion, on a one-for-one basis, into NVCC Non-Cumulative Floating Rate First Preferred Shares, Series BG (the “Series BG shares”). As per the conditions set out in the prospectus supplement dated March 9, 2015, since less than 1,000,000 Series BG shares would be outstanding after November 24, 2020, holders of Series BF shares will not be entitled to convert their shares into Series BG shares. As a result, Series BG shares will not be issued at this time and holders of Series BF shares will retain their shares.

On November 24, 2020, Royal Bank of Canada will have 12,000,000 Series BF shares issued and outstanding. The Series BF shares are currently listed on the Toronto Stock Exchange under the symbol RY.PR.M.

RY.PR.M is a FixedReset, 3.60%+262, NVCC-compliant, that commenced trading 2015-3-15 after being announced 2015-3-5. The company announced extension earlier in October. The issue will reset to 3.00% effective 2020-11-24. The issue is tracked by HIMIPref™ and is assigned to the FixedReset-Discount subindex.

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