S&C Advises Royal Bank of Canada on SEC-Registered Offering of $1 Billion of Limited Recourse Capital Notes

Royal Bank of Canada (RBC) closed an SEC-registered offering of $1 billion of 6.35% limited recourse capital notes (LRCNs), Non-Viability Contingent Capital (NVCC) due November 24, 2084, marking RBC's second SEC-registered offering of LRCNs.

Concurrently with the issuance of the LRCNs, RBC issued 1 million non-cumulative five-year fixed rate reset first preferred shares (NVCC) to be held by Computershare Trust Company of Canada, as trustee for Leo LRCN Limited Recourse Trust.

With total assets of C$2 trillion, RBC is the largest Canadian company by market capitalization and serves more than 18 million clients worldwide.

This transaction is the latest S&C has advised on for longtime client RBC, including its $8 billion of registered senior notes offerings to date in 2024; its $1 billion of registered LRCNs earlier in the year; its registration of $60 billion in senior and subordinated debt securities in 2023; and its $750 million green bond offering in 2021.

The S&C team advising RBC included Don Crawshaw, Ben Weiner, Spencer Nord, Trent Erickson and Noah Springer. Jeff Hochberg advised on tax matters.