By Laura Lutz
Des Moines, Dec. 31 - Royal Bank of Canada priced a $667,000 issue of 31.1% reverse convertible notes due March 31, 2008 linked to First Solar, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If First Solar stock stays at or above the protection price, 70% of the initial price of $275.50, during the life of the notes and finishes at or above the initial price, the payout will be a number of First Solar shares equal to par divided by the initial price.
Otherwise, the payout will be par in cash.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | First Solar, Inc. (Symbol: FSLR)
|
| Amount: | $667,000
|
| Maturity: | March 31, 2008
|
| Coupon: | 31.1%
|
| Price: | Par
|
| Payout at maturity: | Par in cash if First Solar stock stays at or above the protection price of $192.85 or finishes at or above the initial price; otherwise shares of First Solar stock equal to par divided by the initial price
|
| Initial price: | $275.50
|
| Protection price: | $192.85, 70% of $275.50
|
| Pricing date: | Dec. 27
|
| Settlement date: | Dec. 31
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.5%
|
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