Royal Bank of Canada to redeem Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AN, AP & AR

TORONTO, Dec. 13, 2013 /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 AN (the "Series AN shares"), AP (the "Series AP shares") and AR (the "Series AR shares") on February 24, 2014, for cash at a redemption price of $25.00 per share.

There are 9,000,000 Series AN shares outstanding, representing $225 million of capital; 11,000,000 Series AP shares outstanding, representing $275 million of capital; and 14,000,000 Series AR shares outstanding, representing $350 million of capital. The redemption of the Series AN, AP and AR 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 AN, AP and AR shares will be paid in the usual manner on February 24, 2014 to shareholders of record on January 27, 2014.

SOURCE: RBC