RBC pushes back maturity of planned 27.65% reverse convertibles linked to Force Protection

By Jennifer Chiou

New York, Nov. 15 - Royal Bank of Canada pushed back the maturity date of its planned 27.65% reverse convertible notes, which are now due Feb. 29, 2008, linked to the common stock of Force Protection, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The previous maturity date was Feb. 26, 2008.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and is less than the initial share price, in which case the payout will be a number of Force Protection shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.

The notes are expected to price on Nov. 26 and settle on Nov. 30.

RBC Capital Markets Corp. is the agent.

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