Royal Bank of Canada announces dividend rates on NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ, And ...

Date : 04/24/2019 @ 4:18PM
Source : PR Newswire (Canada)
Stock : Royal Bank of Canada (RY)
Quote : 104.46  0.21 (0.20%) @ 8:06PM
Royal Bank of Canada share price Chart

Royal Bank of Canada announces dividend rates on NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ, And ...

Royal Bank of Canada (TSX:RY)
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TORONTO, April 24, 2019 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced the applicable dividend rates for its Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ (the "Series AZ shares") and NVCC Non-Cumulative Floating Rate First Preferred Shares, Series BA (the "Series BA shares").

With respect to any Series AZ shares that remain outstanding after May 24, 2019, holders of the Series AZ shares will be entitled to receive quarterly fixed rate non-cumulative preferential cash dividends, as and when declared by the Board of Directors of Royal Bank of Canada, subject to the provisions of the Bank Act (Canada).

The dividend rate for the 5-year period from and including May 24, 2019 to, but excluding, May 24, 2024 will be 3.70% for Series AZ shares, being equal to the 5-Year Government of Canada bond yield determined as of April 24, 2019 plus 2.21%, as determined in accordance with the terms of the Series AZ shares.

With respect to any Series BA shares that may be issued on May 24, 2019, holders of the Series BA shares will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, calculated on the basis of the actual number of days elapsed in such quarterly period divided by 365, as and when declared by the Board of Directors of Royal Bank of Canada, subject to the provisions of the Bank Act (Canada).

The dividend rate for the floating rate period from and including May 24, 2019 to, but excluding, August 24, 2019 will be 3.88%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of April 24, 2019 plus 2.21%, as determined in accordance with the terms of the Series BA shares.

Beneficial owners of Series AZ shares who wish to exercise their conversion rights should instruct their broker or other nominee to exercise such rights on or prior to the deadline for notice of intention to convert, which is 5:00 p.m. (EST) on May 9, 2019.

Inquiries should be directed to Shareholder Relations Officer, Shirley Boudreau, at 416-955-7806.

SOURCE RBC

Copyright 2019 Canada NewsWire

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