RY.PR.F – Series AF Prospectus – Royal Bank Preferred Shares

The following is a  set of excerpts from the prospectus document for the Series AF preferreds. The excerpts, highlight the most relevant information, an investor should know when analyzing this preferred.  A link to the prospectus is provided lower in this page.  The original document for RY.PR.F – Series AF Prospectus – Royal Bank Preferred Shares was used for the excerpts and the important information was highlighted for quick access.

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Excerpt: Size and initial yield

March 6, 2007 Royal Bank of Canada $200,000,000 8,000,000 Non-Cumulative First Preferred Shares Series AF Our Non-Cumulative First Preferred Shares Series AF (the “Series AF Preferred Shares”) will be entitled to fixed non-cumulative preferential cash dividends, payable quarterly on the 24th day of February, May, August and November in each year, commencing August 24, 2007, as and when declared by our board of directors, at a quarterly rate of $0.278125 per share. The initial dividend, if declared, will be payable on August 24, 2007 and will be $0.496815 per share, based on an anticipated issue date of March 14, 2007.
Subject to the provisions of the Bank Act (Canada) (the “Bank Act”) and the consent of the Office of the Superintendent of Financial Institutions Canada (“OSFI”), on and after May 24, 2012, we may redeem the Series AF Preferred Shares in whole or in part by the payment in cash of a sum equal to $25.00 per share plus, if redeemed before May 24, 2016, a premium, together with declared and unpaid dividends to the date fixed for redemption.
See “Description of the Series AF Preferred Shares”. The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of the Series AF Preferred Shares subject to our fulfilling all of the TSX requirements on or before May 30, 2007.
Price: $25.00 per Series AF Preferred Share to yield 4.45%

RY.PR.F – Series AF Prospectus – Royal Bank Preferred Shares Original Document

I have presented the most important information regarding the Series AF preferreds. If you need to go through the original and complete document for RY.PR.F – Series AF Prospectus – Royal Bank Preferred Shares is available here.