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RBC to price 10% reverse convertibles linked to Archer-Daniels
New York, July 7 - Royal Bank of Canada plans to price 10% reverse convertible notes due Jan. 20, 2010 linked to Archer-Daniels-Midland Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Archer-Daniels shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Archer-Daniels shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 15 and settle on July 20.
RBC Capital Markets Corp. is the agent.
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