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Royal Bank of Canada to redeem series AZ first preferred shares
By Marisa Wong
Los Angeles, April 16 – Royal Bank of Canada intends to redeem all of its outstanding non-viability contingent capital non-cumulative five-year rate reset first preferred shares, series AZ, on May 24, according to a news release.
The series AZ shares will be redeemed at C$25 per share.
There are 20 million series AZ shares outstanding, representing C$500 million of capital.
The redemptions will be financed out of RBC’s general corporate funds.
The final quarterly dividend of C$0.23125 for each of the series AZ shares will be paid on May 24, separately from the redemption price.
The financial services company is based in Toronto.
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