New Issue: Royal Bank Fixed-Reset 6.25%+350

Yet another new issue!

Issue: Royal Bank Non-Cumulative 5-Year Rate Reset Preferred Shares, Series AN

Size: 9-million shares @$25.00 (=$225-million); Greenshoe for 4-million shares (=$100-million)

Dividend: 6.25% until first Exchange Date; reset every Exchange Date at 5-Year Canadas + 350bp. First Dividend 2009-5-24 for $0.71490. Floaters pay 3-month Bills +350, reset quarterly.

Exchangeable: Every Exchange Date to and from Series AO (“Floaters”).

Exchange Date: 2014-2-24 and every five years thereafter.

Redeemable: Every Exchange Date at $25.00. Floaters redeemable every Exchange Date at $25.00 and at $25.50 at all other times.

Closing: 2008-12-8

This entry was posted on Monday, November 24th, 2008 at 6:35 pm and is filed under New Issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “New Issue: Royal Bank Fixed-Reset 6.25%+350”

  1. PrefBlog » Blog Archive » RY.PR.N Settles Without Incident says:
    December 9, 2008 at 2:04 am

    […] Royal Bank Fixed-Reset 6.25%+350 announced November 24 settled today on good volume and little price movement – a departure from recent norms for which […]

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