RBC plans to sell redeemable range accrual notes on six-month Libor

By Susanna Moon

Chicago, Jan. 15 - Royal Bank of Canada plans to price redeemable range accrual notes due Jan. 28, 2025 based on six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is 8% per year, payable quarterly, times the proportion of days that six-month Libor is within a specified range. The range is 4% or less through the fifth year, 6% or less in the sixth through 10th years and 6.75% or less after that.

The payout at maturity will be par.

The notes are callable on any interest payment date.

The notes will price on Jan. 26 and settle on Jan. 28.

RBC Capital Markets Corp. is the underwriter.

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