/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
TORONTO, Jan. 18, 2022 /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 2.94 per cent per
annum (paid semi-annually) until May 3,
2027 and at the three-month Canadian Dollar Offered Rate
plus 0.76 per cent thereafter until their maturity on May 3, 2032 (paid quarterly). The expected
closing date is January 25, 2022. 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 May 3, 2027 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
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