Royal Bank of Canada in its $750 million Institutional Preferred Shares Series BU offering.

On January 25, 2024, Royal Bank of Canada completed its offering of 750,000 Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares Series BU (NVCC) (Preferred Shares) to certain institutional investors for gross proceeds of $750 million.

The holders of Preferred Shares will be entitled to receive fixed rate non-cumulative preferential dividends at a rate of 7.408% per annum, payable semi-annually, for the initial period ending February 24, 2029. Thereafter, the dividend rate on the Preferred Shares will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.90%. Net proceeds from this transaction will be used for general banking purposes.

Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization.

Osler, Hoskin & Harcourt LLP represented Royal Bank of Canada with a team consisting of Rosalind Hunter, Jeremy Wu, Philip Abraham (Corporate) and Timothy Hughes and James Chang (Tax).