Royal Bank of Canada Closes $1 Billion in Senior Floating Rate Notes

July 25, 2018

S&C client Royal Bank of Canada (RBC) closed an SEC-registered offering of its senior medium-term notes, Series G, consisting of $1 billion aggregate principal amount of senior floating rate notes due 2020.

RBC was founded in 1864 and has been a chartered bank under Canada's Bank Act since 1869. With total assets of approximately C$1.27 trillion as of April 30, RBC provides a broad range of retail banking, wealth management and investment banking products and solutions. RBC is the largest Canadian company by market capitalization, and serves more than 16 million clients and has more than 81,000 employees worldwide.

S&C acted as U.S. counsel for RBC for the offering. RBC Capital Markets, LLC acted as lead manager and sole bookrunner for the offering, which also involved five co-managers.

The S&C team was led by Donald Crawshaw, along with Daniel Lorme and Zachary Levine. Eric Wang and Michael Hogan advised on tax matters.