PrefBlog

Royal Bank has announced:

that on August 22, 2008, it will redeem all of its issued and outstanding Non-Cumulative First Preferred Shares Series N (the “Series N shares”) for cash at a redemption price of $25.00 per share.

There are 12,000,000 shares of Series N outstanding, representing $300 million of capital. The redemption of the Series N 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 $0.29375 per share for the Series N shares will be paid in the usual manner on August 22, 2008 to shareholders of record on July 24, 2008.

RY.PR.K has been a member of the HIMIPref™ Operating Retractible Index continuously since it was issued 1998-4-27. It’s habit of trading with a low or negative Yield-to-Worst has been an annoyance for quite some time!

This entry was posted on Thursday, May 29th, 2008 at 1:51 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.