TORONTO, July 18, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AT (the "Series AT shares") and AV (the "Series AV shares") on August 24, 2014, for cash at a redemption price of $25.00 per share to be paid on August 25, 2014.
There are 11,000,000 Series AT shares outstanding, representing $275 million of capital and 16,000,000 Series AV shares outstanding, representing $400 million of capital. The redemption of the Series AT and AV shares will be financed out of the general corporate funds of Royal Bank of Canada.
Separately from the redemption price, the final quarterly dividend of $0.390625 for each of the Series AT and AV shares will be paid in the usual manner on August 22, 2014 to shareholders of record on July 24, 2014. After such dividend payment, the Series AT and Series AV shares will cease to be entitled to dividends.