Royal Bank Of Canada Announces $1 Bln Subordinated Debenture Issue - Quick Facts

(RTTNews) - Royal Bank of Canada (RY, RY.TO) Monday announced an offering of $1 billion of subordinated debentures ("the Notes") through its Canadian Medium Term Note Program.

The Notes bear interest at a fixed rate of 3.45 per cent per annum (paid semi-annually) until September 29, 2021, and at the three-month Banker's Acceptance Rate plus 1.12 per cent thereafter until their maturity on September 29, 2026 (paid quarterly). The expected closing date is September 29, 2014. RBC Capital Markets is acting as lead agent on the issue.

The Bank expects to use the net proceeds from the offering for general business purposes.