LONDON, March 22 /PRNewswire/ -- Royal Bank of Canada (TSX: RY, NYSE: RY) today announced that it may purchase from time to time, some or all of the outstanding US$300 million Floating Rate Debenture Notes due 2085, ISIN No. GB0007542557, (the 'debentures') by private treaty or otherwise at such prices and on such other terms as may be determined in its sole discretion in accordance with the terms of the debentures. RBC Capital Markets has been engaged by the bank to coordinate the purchase of debentures on its behalf. Any debentures which are purchased (including all related unmatured coupons) by the bank will be cancelled.
The bank also announced that it has entered into a Second Supplemental Trust Indenture dated February 28, 2005 with Computershare Trust Company of Canada, as trustee, in respect of its debentures in order to cure the defective purchase provision in the original Trust Indenture relating to the debentures dated June 6, 1986, as amended by a First Supplemental Trust Indenture dated July 2, 2002.
As there are no daily middle market quotations for the debentures currently available on the London Stock Exchange's Daily Official List, all references to such quotations in the purchase provisions have been replaced by references to 'daily quotations or evaluated middle market prices, as the case may be, taken from FT Interactive Data or any other recognised price source'. FT Interactive Data is an independent source of daily evaluated pricing for securities which are traded infrequently, including the debentures.
This is not a commitment by the bank to buy any debentures. The bank reserves the right to not purchase any debentures if the price or the market conditions are not favourable, determined in its sole discretion.
This announcement does not constitute, or form part of, any offer to purchase or any solicitation of any offer or invitation to sell any securities in any jurisdiction nor shall it (or any part of it), or the fact of its distribution, form the basis of or be relied on in connection with any contract therefore. No indications of interest in any purchases are sought by this press release. No offer is being made to, and offers will not be accepted from or on behalf of, any holder of debentures or intermediaries in any jurisdiction in which the making or acceptance thereof would not be in compliance with the applicable laws, rules and regulations of such jurisdiction.
© 2005 PR Newswire
