Royal Bank of Canada (RBC) closed an SEC-registered offering of $1.35 billion 6.5% limited recourse capital notes (LRCNs) due November 24, 2085.
Concurrently with the issuance of the LRCNs, RBC issued 1.35 million non-cumulative 5-Year fixed rate reset first preferred shares to be held by Computershare Trust Company of Canada.
This was RBC’s fourth 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 Ben Weiner, Cameron Teschuk and Austin Reda. Jeff Hochberg advised on tax matters.