By Wendy Van Sickle
Columbus, Ohio, March 21 – Royal Bank of Canada priced $121.84 million of fixed-to-floating rate notes due March 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6% per year to but excluding Sept. 17, 2023.
After that, it will accrue at an annual rate of two-Year U.S. Dollar SOFR ICE swap rate plus 85 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
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Issue: | Fixed-to-floating rate notes
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Amount: | $121,842,000
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Maturity: | March 17, 2025
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Price: | Par
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Coupon: | 6% to but excluding Sept. 17, 2023; after that, two-Year U.S. Dollar SOFR ICE swap rate plus 85 bps with floor of 0% per annum, payable quarterly
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Payout at maturity: | Par plus any interest
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Pricing date: | March 15
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Settlement date: | March 17
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Underwriter: | RBC Capital Markets LLC
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Fees: | 0.51%
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Cusip: | 78014RLS7
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