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RBC to price 11.25% reverse convertibles linked to Foster Wheeler
New York, Nov. 8 - Royal Bank of Canada plans to price 11.25% reverse convertible notes due May 31, 2011 linked to Foster Wheeler AG shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Foster Wheeler shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial price.
The notes are expected to price on Nov. 23 and settle on Nov. 30.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008KSX2.
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