By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Royal Bank of Canada priced $381.73 million of fixed-to-floating rate notes due Feb. 14, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 5.5% per year to but excluding Aug. 14, 2023.
After that, it will accrue at an annual rate of two-Year U.S. Dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0% per annum.
The payout at maturity will be par plus any accrued interest.
RBC Capital Markets LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed-to-floating rate notes
|
| Amount: | $381,725,000
|
| Maturity: | Feb. 14, 2025
|
| Price: | Par
|
| Coupon: | 5.5% to but excluding Aug. 14, 2023; after that, two-Year U.S. Dollar SOFR ICE swap rate plus 100 bps with floor of 0% per annum, payable quarterly
|
| Payout at maturity: | Par plus any interest
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 14
|
| Underwriter: | RBC Capital Markets LLC
|
| Fees: | 0.25%
|
| Cusip: | 78014RKV1
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
