RBC plans 30.5% reverse convertibles linked to First Solar

By Jennifer Chiou

New York, Jan. 9 - Royal Bank of Canada plans to price 30.5% reverse convertible notes due April 30, 2008 linked to the common stock of First Solar, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If First Solar stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of First Solar shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes will price on Jan. 28 and settle on Jan. 31.

RBC Capital Markets Corp. will be the agent.

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