Royal Bank of Canada (RBC) closed an SEC-registered offering of $1.25 billion 6.75% limited recourse capital notes (LRCNs) due August 24, 2085.
Concurrently with the issuance of the LRCNs, RBC issued 1.25 million non-cumulative 5-year fixed rate reset first preferred shares to be held by Computershare Trust Company of Canada.
This was RBC’s third SEC-registered LRCN offering.
With total assets of approximately C$2.2 trillion, RBC is the largest Canadian company by market capitalization and serves more than 19 million clients worldwide.
The S&C team advising RBC included Don Crawshaw, Ben Weiner, Cameron Teschuk, Noah Springer and Amra Saric. Jeff Hochberg advised on tax matters.