PR Newswire | Jan 18, 2022 08:32AM EST

01/18 07:30 CST

Royal Bank of Canada to redeem Non-Cumulative First Preferred Shares, Series BJ TORONTO, Jan. 18, 2022

TORONTO, Jan. 18, 2022 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced its intention to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares, Series BJ (Series BJ shares) (TSX: RY.PR.P) on February 24, 2022, for cash at a redemption price of $25.75 per share to be paid on February 24, 2022.

There are 6,000,000 Series BJ shares outstanding, representing $150 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.328125 for each of the Series BJ shares, subject to declaration by the board of directors, will be paid separately from the redemption price for each of the Series BJ Shares and in the usual manner on February 24, 2022 to shareholders of record at the close of business on January 26, 2022. After such dividend payments, the holders of Series BJ shares will cease to be entitled to dividends.

SOURCE Royal Bank of Canada