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RBS to redeem £14.87 million of series 1 preferreds at par on Dec. 3
By Susanna Moon
Chicago, Aug. 4 – Royal Bank of Scotland Group plc issued a redemption notice for its £14,866,000 of outstanding series 1 non-cumulative preference shares.
The notes will be redeemed on Dec. 3 at a redemption price of £1,000 per preferred plus accrued dividends of £68.329750 to and including the redemption date, according to a company notice.
The redemption will be funded using “distributable reserves,” the release noted.
The bank said that it expects to redeem about £15 million of the preference shares, reducing its retained earnings and distributable items by about £15 million.
The banking and financial services company is based in Edinburgh.
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