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RBC to price 14% reverse convertibles linked to Delta Air
New York, Dec. 6 - Royal Bank of Canada plans to price 14% reverse convertible notes due June 14, 2013 linked to Delta Air Lines, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Delta Air 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 Delta Air shares equal to $1,000 divided by the initial price.
The notes are expected to price on Dec. 14 and settle on Dec. 19.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008SSS6.
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