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RBC plans 18.1% reverse convertibles linked to Research in Motion
By Laura Lutz
Des Moines, May 8 - Royal Bank of Canada plans to price 18.1% annualized reverse convertible notes due Aug. 29, 2008 linked to the common stock of Research in Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Research in Motion stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Research in Motion shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on May 27 and settle on May 30.
RBC Capital Markets Corp. will be the agent.
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