Royal Bank of Canada to redeem NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ
TORONTO, April 16, 2024 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced its intention to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ (Series AZ shares) (TSX: RY.PR.Z) on May 24, 2024, for cash at a redemption price of $25.00 per share to be paid on May 24, 2024.
There are 20,000,000 Series AZ shares outstanding, representing $500 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.
The final quarterly dividend of $0.23125 for each of the Series AZ shares will be paid separately from the redemption price for each of the Series AZ Shares and in the usual manner on May 24, 2024 to shareholders of record at the close of business on April 25, 2024. After such dividend payments, the holders of Series AZ shares will cease to be entitled to dividends.
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