By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Royal Bank of Canada priced $25 million of fixed-to-floating rate notes due July 31, 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 Jan. 31, 2024.
After that, it will accrue at an annual rate of one-Year U.S. Dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0%.
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: | $25 million
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Maturity: | July 31, 2025
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Price: | Par
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Coupon: | 6% per year to but excluding Jan. 31, 2024; after that, one-Year U.S. Dollar SOFR ICE swap rate plus 100 bps with floor of 0%; payable quarterly
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Payout at maturity: | Par plus any interest
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Pricing date: | July 27
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Settlement date: | July 31
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Underwriter: | RBC Capital Markets LLC
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Fees: | 0.35%
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Cusip: | 78014RPN4
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