Royal Bank of Canada (RY on TSX and NYSE) today announced its intention to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares, Series C-2 (the “Series C-2 shares”) on November 7, 2023, for cash at a redemption price of U.S. $1,000 per share (equivalent to U.S. $25.00 per related depositary share), together with all declared and unpaid dividends. The NYSE-listed Series C-2 depositary shares, each of which represents a 1/40th interest in a Series C-2 share, will be redeemed concurrently with the redemption of the Series C-2 shares.
The final quarterly dividend of U.S. $16.875 per share for the Series C-2 shares (equivalent to U.S. $0.421875 per related depositary share) will be paid in the usual manner on November 7, 2023 to shareholders of record on October 27, 2023.
There are 15,385 Series C-2 shares outstanding. The redemption of the Series C-2 shares will be financed out of the general corporate funds of Royal Bank of Canada.
Please visit http://www.rbc.com/investorrelations/share-information.html to view tax Questions & Answers relating to the redemption of the Series C-2 shares.