TORONTO, Jan. 21, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that as a result of strong investor demand for its previously announced domestic public offering of Non-Cumulative, 5-Year Rate Reset Preferred Shares Series AZ, the size of the offering has been increased to 20 million shares. The gross proceeds of the offering will now be $500 million. The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is January 30, 2014. We routinely undertake funding transactions to maintain strong capital ratios and a cost effective capital structure. Net proceeds from this transaction will be used for general business purposes. SOURCE RBC Investor Contact: Shirley Boudreau, Shareholder Relations, 416-955-7806 Karen McCarthy, Investor Relations, 416-955-7809 Media Contact: Tanis Feasby, Communications, 416-955-5172 Or visit the site:http://www.rbc.com/investorrelations/ To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2014/21/c4131.html CO: RRYIR ST: Ontario NI: FIN NEWSTK -0- Jan/21/2014 20:29 GMT
Royal Bank of Canada announces increase to preferred share issue
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