RBC plans to price 13.25% reverse convertibles linked to First Solar

By Angela McDaniels

Tacoma, Wash., Aug. 21 – Royal Bank of Canada plans to price 13.25% annualized reverse convertible notes due Nov. 28, 2014 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 in cash unless First Solar shares fall below the protection price, 80% of the initial share price, during the life of the notes and finish 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.

RBC Capital Markets LLC is the agent.

The notes will price Aug. 26 and settle Aug. 29.

The Cusip number is 78010UW29.

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