{"id":23997,"date":"2013-12-13T15:38:31","date_gmt":"2013-12-13T20:38:31","guid":{"rendered":"http:\/\/prefblog.com\/?p=23997"},"modified":"2013-12-13T15:38:31","modified_gmt":"2013-12-13T20:38:31","slug":"ry-pr-n-ry-pr-p-and-ry-pr-r-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23997","title":{"rendered":"RY.PR.N, RY.PR.P and RY.PR.R To Be Redeemed"},"content":{"rendered":"<p>Royal Bank of Canada <a href=\"http:\/\/www.rbc.com\/newsroom\/2013\/1213-shares-series.html\">has announced<\/a>:<\/p>\n<blockquote><p>its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AN (the &#8220;Series AN shares&#8221;), AP (the &#8220;Series AP shares&#8221;) and AR (the &#8220;Series AR shares&#8221;) on February 24, 2014, for cash at a redemption price of $25.00 per share.<\/p>\n<p>There are 9,000,000 Series AN shares outstanding, representing $225 million of capital; 11,000,000 Series AP shares outstanding, representing $275 million of capital; and 14,000,000 Series AR shares outstanding, representing $350 million of capital. The redemption of the Series AN, AP and AR shares will be financed out of the general corporate funds of Royal Bank of Canada.<\/p>\n<p>Separately from the redemption price, the final quarterly dividend of $0.390625, for each of the Series AN, AP and AR shares will be paid in the usual manner on February 24, 2014 to shareholders of record on January 27, 2014.<\/p><\/blockquote>\n<p>Not bad! $850-million being redeemed all on the same day &#8230; that&#8217;s pretty close to 1.5% of the entire Canadian preferred share market! The question remains as to whether all this cash will be recycled out of the market, back into extant issues or into new issues &#8230; we will see!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Royal Bank of Canada has announced: its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AN (the &#8220;Series AN shares&#8221;), AP (the &#8220;Series AP shares&#8221;) and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-23997","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23997"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23997\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}