TORONTO, Jan. 12, 2017 /PRNewswire/ - Royal Bank of
Canada ("RBC") (RY on TSX and
NYSE) is announcing the redemption of all of the Exchange Traded
Notes due July 19, 2034 linked to the
Yorkville MLP Distribution Growth Leaders LiquidSM PR
Index ("ETNs").
The ETNs are listed on the NYSE Arca (ticker symbol: YGRO).
Under the terms of the ETNs and the Indenture, dated as of
October 23, 2003 (as supplemented,
the "Indenture"), between RBC and The Bank of New York Mellon (as
successor to the corporate trust business of JPMorgan Chase Bank,
N.A.) as Trustee, RBC will redeem all of the ETNs on February 1, 2017 (the "Redemption Date").
RBC expects to provide notice of redemption via The Depository
Trust Company on January 13, 2017.
The Redemption Price to be paid to holders of the ETNs will be
their call settlement value on January 27,
2017, the last Valuation Date in the Call Measurement
Period, as those terms are defined in Amendment No. 4 dated
January 8, 2016 to the Pricing
Supplement dated July 24, 2014 to the
Prospectus Supplement and Prospectus, each dated January 8, 2016. The Redemption Price will be
paid to the holders on the Redemption Date, which is expected to be
the third trading day after the last Valuation Date in the Call
Measurement Period. The last trading day for the ETNs on the NYSE
is expected to be January 20, 2017.
Daily creations of the ETNs will be suspended immediately. Daily
repurchases at the option of holders will be accepted in the normal
manner up to and including January 19,
2017.
Beginning on the Redemption Date, the ETNs will no longer be
considered outstanding.
About RBC
Royal Bank of Canada is Canada's largest bank, and one of the largest
banks in the world, based on market capitalization. We are one of
North America's leading
diversified financial services companies, and provide personal and
commercial banking, wealth management, insurance, investor services
and capital markets products and services on a global basis. We
have over 80,000 full- and part-time employees who serve more than
16 million personal, business, public sector and institutional
clients through offices in Canada,
the U.S. and 36 other countries. For more information, please visit
http://www.rbc.com/.
SOURCE Royal Bank of Canada
