Royal Bank of Canada (RY on TSX and NYSE) today announced that as a result of strong investor demand for its domestic public offering of Non-Cumulative, 5 year rate reset Preferred Shares Series AJ, the size of the offering has been increased to 14 million shares.
The gross proceeds of the offering will now be $350 million. In addition, the bank has granted the Underwriters an option, exercisable in whole or in part, to purchase up to an additional 2 million Preferred Shares Series AJ at a price of $25 per share.
The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is September 16, 2008.
The net proceeds of this transaction will be used for general business purposes and will strengthen the bank's capital ratios. -- www.cnxmarketlink.com
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