On June 5, 2015, Royal Bank of Canada completed a public offering of 6,000,000 non-viable contingent capital Non-Cumulative First Preferred Shares, Series BH at a price of $25 per share for gross proceeds of $150 million.
RBC Dominion Securities Inc. acted as lead underwriter for the offering with a syndicate that included Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Laurentian Bank Securities Inc., Manulife Securities Incorporated, HSBC Securities (Canada) Inc. and Raymond James Ltd. The preferred shares were issued under a prospectus supplement dated May 29, 2015 to the Bank’s short form base shelf prospectus dated December 20, 2013.
Royal Bank of Canada was represented internally by Erin Dion, Senior Counsel and Javier Gonzalez, Counsel, and by Heidi Reinhart and Todd Melchior (securities) of Norton Rose Fulbright Canada LLP with a team that included Adrienne Oliver (tax).
The underwriters were represented by Stikeman Elliott LLP with a team that included Philip Henderson, Paul Rakowski and Brandon Leitch (securities) and Jonathan Willson (tax).