/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, March 25,
2024 /CNW/ - Royal Bank of Canada (TSX: RY) and (NYSE: RY) today
announced an offering of $2 billion
of non-viability contingent capital (NVCC) subordinated debentures
("the Notes") through its Canadian Medium Term Note Program.
The Notes bear interest at a fixed rate of 5.096 per cent per
annum (paid semi-annually) until April 3,
2029 and at Daily Compounded CORRA plus 1.56 per cent
thereafter until their maturity on April 3,
2034 (paid quarterly). The expected closing date is
April 2, 2024. RBC Capital
Markets is acting as lead agent on the issue.
The bank may, at its option and with the prior approval of the
Office of the Superintendent of Financial Institutions, redeem the
Notes on or after April 3, 2029 at
par, in whole at any time or in part from time to time, on not less
than 30 days and not more than 60 days' notice to registered
holders.
Net proceeds from this transaction will be used for general
business purposes.
The Notes have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state of
the United States and may not be
offered, sold or delivered, directly or indirectly in the United States or to, or for the account or
benefit of, a "U.S. person" (as defined in Regulation S under the
Securities Act), except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act. This press release does not constitute an offer to
sell or a solicitation to buy securities in the United States or in any other jurisdiction
where such offer or solicitation would be unlawful.
SOURCE Royal Bank of Canada