By Jennifer Chiou
New York, May 17 - Royal Bank of Canada priced $1.02 million of 13.25% annualized reverse convertible notes due Nov. 20, 2007 linked to ATP Oil & Gas Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if ATP stock stays at or above the protection price, 80% of the initial share price of $42.29, during the life of the notes or finishes at or above the initial share price.
Otherwise, the payout will be in ATP stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | ATP Oil & Gas Corp.
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Amount: | $1.02 million
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Maturity: | Nov. 20, 2007
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Coupon: | 13.25% annualized, payable quarterly
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Price: | Par
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Payout at maturity: | Par in cash if ATP stock stays at or above the protection price of $33.83 during the life of the notes or finishes at or above the initial share price; otherwise, 23.64625 ATP shares
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Initial share price: | $42.29
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Protection price: | $33.83, 80% of $42.29
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Pricing date: | May 15
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Settlement date: | May 18
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.25%
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