By Andrea Heisinger
Omaha, April 15 - The Royal Bank of Canada priced $4 billion extendible floating-rate notes Tuesday in two tranches, market sources said.
Both series of the notes have an initial maturity of May 15, 2009, with a final maturity of May 15, 2014.
The $1.7 billion tranche of notes has a coupon of three-month Libor plus 30 basis points for the first year, increasing by 2 bps each year until the final year before maturity when it does not change.
The $2.3 billion tranche of notes has a coupon of one-month Libor plus 40 bps for the first year, increasing by 2 bps each year until the final year before maturity when it does not change.
The notes are priced at par and non-callable for five years.
They priced via Rule 144A.
Bookrunners were Banc of America Securities LLC, Morgan Stanley & Co. Inc. and RBC Capital Markets.
The financial institution is based in Toronto, Canada.
| Issuer: | The Royal Bank of Canada
|
| Issue: | Extendible floating-rate notes
|
| Amount: | $4 billion
|
| Maturity: | May 15, 2009 (initial), May 15, 2014 (final)
|
| Bookrunners: | Banc of America Securities LLC, Morgan Stanley & Co. Inc., RBC Capital Markets |
|
| Trade date: | April 15
|
| Settlement date: | April 22
|
| Distribution: | Rule 144A
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
|
|
| First tranche
|
| Amount: | $1.7 billion
|
| Coupon: | Three-month Libor plus 30 bps, increasing by 2 bps each year until the final year when it does not change
|
| Price: | Par
|
| Call: | Non-callable for five years
|
|
|
| Second tranche
|
| Amount: | $2.3 billion
|
| Coupon: | One-month Libor plus 40 bps, increasing by 2 bps each year until the final year when it does not change
|
| Price: | Par
|
| Call: | Non-callable for five years
|
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