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RBC to price 13% reverse convertibles linked to First Solar stock
By Jennifer Chiou
New York, March 22 - Royal Bank of Canada plans to price 13% annualized reverse convertible notes due Sept. 30, 2010 linked to the common stock of First Solar, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls below the barrier price - 75% 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 or, at RBC's option, the cash equivalent.
The notes are expected to price on March 26 and settle on March 31.
RBC Capital Markets Corp. is the agent.
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