/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Jan. 21, 2021 /CNW/ - Royal Bank of
Canada (TSX: RY) (NYSE: RY) today
announced an offering of $1 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 1.67 per cent per
annum (paid semi-annually) until January 28,
2028 and at the three-month Canadian Dollar Offered Rate
plus 0.55 per cent thereafter until their maturity on January 28, 2033 (paid quarterly). The expected
closing date is January 28, 2021. 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 January 28, 2028 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 in
the United States 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) absent registration under the Securities Act or an
applicable exemption from such registration requirements. 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