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RBC plans 13.25% six-month reverse convertible notes linked to Pulte
By Susanna Moon
Chicago, Nov. 7 - Royal Bank of Canada plans to price 13.25% annualized reverse convertible notes due May 20, 2014 linked to PulteGroup Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless PulteGroup stock ever closes below the 80% barrier level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of PulteGroup shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash value.
RBC Capital Markets LLC is the agent.
The notes will price on Nov. 15 and settle on Nov. 20.
The Cusip number is 78010UHZ3.
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