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RBC plans to price 11% reverse convertibles linked to U.S. Steel
By Toni Weeks
San Luis Obispo, Calif., Dec. 17 - Royal Bank of Canada plans to price 11% reverse convertible notes due March 31, 2014 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price, 80% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be U.S. Steel shares equal to $1,000 principal amount divided by the initial price.
The notes (Cusip: 78010ULW5) are expected to price Dec. 27 and settle Dec. 31.
RBC Capital Markets, LLC is the agent.
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