RBC will not convert any series BO preferreds into series BP shares

By Marisa Wong

Los Angeles, Feb. 14 – Royal Bank of Canada announced the results of the conversion privileges of its non-viability contingent capital non-cumulative five-year rate reset first preferred shares, series BO.

During the conversion notice period from Jan. 25 to Feb. 9, 198,043 series BO shares were tendered for conversion, on a one-for-one basis, into NVCC non-cumulative floating-rate first preferred shares, series BP.

However, because less than 1 million series BP shares would be outstanding after Feb. 24, holders of series BO shares will not be entitled to convert their shares into series BP shares.

As a result, series BP shares will not be issued at this time, and holders of series BO shares will retain their shares.

On Feb. 24, RBC will have 14 million series BO shares issued and outstanding. The series BO shares are currently listed on the Toronto Stock Exchange under the symbol “RYPrS.”

The bank is based in Toronto.

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