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RBC to price 12.5% reverse convertibles linked to Cree
New York, April 19 - Royal Bank of Canada plans to price 12.5% reverse convertible notes due Oct. 31, 2011 linked to Cree, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cree shares fall below 80% 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 Cree shares equal to $1,000 divided by the initial price.
The notes are expected to price on April 26 and settle on April 29.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008K7H0.
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