By Susanna Moon
Chicago, Feb. 19 - Royal Bank of Canada priced $192,000 of 22.25% reverse convertible notes due Aug. 20, 2008 linked to Foster Wheeler Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Foster Wheeler stock falls below the protection price - 70% of the initial price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Foster Wheeler shares equal to par divided by the initial price.
Otherwise, investors will receive par in cash.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Foster Wheeler Ltd. (Nasdaq: FWLT)
|
| Amount: | $192,000
|
| Maturity: | Aug. 20, 2008
|
| Coupon: | 22.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Foster Wheeler stock falls below protection price during life of notes and finishes below initial price, a number of Foster Wheeler shares equal to par divided by initial price; otherwise, par in cash
|
| Initial price: | $71.93
|
| Protection price: | $50.35, 70% of initial price
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 20
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 2.25%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
