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RBC to price 9.1% reverse convertibles linked to KeyCorp
By Angela McDaniels
Seattle, Sept. 10 - Royal Bank of Canada plans to price 9.1% reverse convertible notes due March 28, 2008 linked to the common stock of KeyCorp, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless KeyCorp stock falls by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of KeyCorp shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.
The notes will price on Sept. 25 and settle on Sept. 28.
RBC Capital Markets Corp. will be the agent.
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