TORONTO, July 25, 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 BB (the "Series BB shares") and NVCC Non-Cumulative
Floating Rate First Preferred Shares, Series BC (the "Series BC
shares").
With respect to any Series BB shares that remain outstanding
after August 24, 2019, holders 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
August 24, 2019 to, but excluding,
August 24, 2024 will be 3.65% for
Series BB shares, being equal to the 5-Year Government of
Canada bond yield determined as of
July 25, 2019 plus 2.26%, as
determined in accordance with the terms of the Series BB
shares.
With respect to any Series BC shares that may be issued on
August 24, 2019, holders 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 August 24, 2019 to, but
excluding, November 24, 2019 will be
3.91%, being equal to the 3-month Government of Canada Treasury
Bill yield determined as of July 25,
2019 plus 2.26%, as determined in accordance with the terms
of the Series BC shares.
Beneficial owners of Series BB 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 August 9, 2019.
SOURCE Royal Bank of Canada