Royal Bank of Canada to redeem series AZ first preferred shares

By Marisa Wong

Los Angeles, April 16 – Royal Bank of Canada intends to redeem all of its outstanding non-viability contingent capital non-cumulative five-year rate reset first preferred shares, series AZ, on May 24, according to a news release.

The series AZ shares will be redeemed at C$25 per share.

There are 20 million series AZ shares outstanding, representing C$500 million of capital.

The redemptions will be financed out of RBC’s general corporate funds.

The final quarterly dividend of C$0.23125 for each of the series AZ shares will be paid on May 24, separately from the redemption price.

The financial services company is based in Toronto.

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