Client Work Detail
matter
Royal Bank of Canada's Sale of $4 Billion of Six-Year Extendible Notes
CLIENT
Royal Bank of Canada
DATE
April 22, 2008
EXPERTISE
Corporate Finance and Securities, Tax, Corporate and Commercial, Banking and Financial Products
LAWYER(S)
On April 15, 2008, the Royal Bank of Canada announced the sale of $4 billion of six-year extendible notes in two tranches in a 144a private placement.
The sale consisted of $1.7 billion of notes due May 15, 2014, which have an initial coupon rate equal to the three-month London interbank offered rate or LIBOR plus 0.30 percentage points. The second $2.3 billion tranche, also due on May 15, 2014, has an initial coupon rate of 0.40 percentage points more than the one-month LIBOR. The notes were sold through joint lead managers Banc of America LLC, Morgan Stanley and the RBC Capital Markets.
