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RBC to price 25.75% reverse convertibles linked to First Solar
By Susanna Moon
Chicago, July 17 - Royal Bank of Canada plans to price an issue of 25.75% reverse exchangeable notes due Oct. 31, 2007 linked to First Solar, Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless the stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of First Solar shares equal to $1,000 divided by the initial share price.
The notes will price on July 26 and settle on July 31.
RBC Capital Markets Corp. will be the agent.
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