Royal Bank of Canada has announced (on 2021-4-15):
its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BK (Series BK shares) (TSX: RY.PR.Q) on May 24, 2021, for cash at a redemption price of $25.00 per share to be paid on May 25, 2021. Royal Bank of Canada also announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BM (Series BM shares) (TSX: RY.PR.R) on August 24, 2021, for cash at a redemption price of $25.00 per share to be paid on August 24, 2021.
There are 29,000,000 Series BK shares outstanding, representing $725 million of capital and 30,000,000 Series BM shares outstanding, representing $750 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.
The final quarterly dividend of $0.34375 for each of the Series BK shares will be paid separately from the redemption price and in the usual manner on May 21, 2021 to shareholders of record at the close of business on April 22, 2021. After such dividend payment, the holders of Series BK shares will cease to be entitled to dividends. The final quarterly dividend for each of the Series BM shares, subject to declaration by the board of directors, will be paid separately from the redemption price for each of the Series BM Shares and in the usual manner on August 24, 2021 to shareholders of record at the close of business on July 26, 2021. After such dividend payments, the holders of Series BM shares will cease to be entitled to dividends.
RY.PR.Q is a FixedReset 5.50%+453, that commenced trading 2015-12-16 after being announced 2015-12-8. It has been tracked by HIMIPref™ and was assigned to the FixedReset-Discount subindex as of 2021-4-30 from the FixedReset-Premium subindex.
RY.PR.R is a FixedReset, 5.50%+480, that commenced trading 2016-3-7 after being announced 2016-2-25. The issue has been tracked by HIMIPref™ and was transferred from the FixedReset-Premium to the FixedReset-Discount subindex 2021-7-30.
This entry was posted on Monday, August 2nd, 2021 at 12:22 pm and is filed under Issue Comments. 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.
RY.PR.R & RY.PR.Q To Be Redeemed
Royal Bank of Canada has announced (on 2021-4-15):
RY.PR.Q is a FixedReset 5.50%+453, that commenced trading 2015-12-16 after being announced 2015-12-8. It has been tracked by HIMIPref™ and was assigned to the FixedReset-Discount subindex as of 2021-4-30 from the FixedReset-Premium subindex.
RY.PR.R is a FixedReset, 5.50%+480, that commenced trading 2016-3-7 after being announced 2016-2-25. The issue has been tracked by HIMIPref™ and was transferred from the FixedReset-Premium to the FixedReset-Discount subindex 2021-7-30.
This entry was posted on Monday, August 2nd, 2021 at 12:22 pm and is filed under Issue Comments. 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.