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RBC plans redeemable range accrual notes linked to six-month Libor
By Angela McDaniels
Tacoma, Wash., Feb. 7 - Royal Bank of Canada plans to price redeemable range accrual notes due Feb. 17, 2033 linked to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and will equal the base rate multiplied by the proportion of days on which six-month Libor 6% or less. The base rate is 4% per year in year one and steps up to 4.5% per year in year two, 5% per year in year seven, 5.5% per year in year 12 and 6% per year in year 17.
The payout at maturity will be par.
The notes are redeemable at par on each interest payment date through Aug. 17, 2012 and then on Feb. 17, 2013, Feb. 17, 2018, Feb. 17, 2023 and Feb. 27, 2028.
The notes (Cusip: 78008TR89) are expected settle on Feb. 17.
RBC Capital Markets, LLC is the underwriter.
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