New Issue: RBC prices $0.411 million 25% reverse convertibles linked to Freeport-McMoRan

New York, April 15 - Royal Bank of Canada priced $0.411 million of 25% reverse convertible notes due July 17, 2009 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $28.77, 65% of the initial price of $44.26, during the life of the notes and finish below the initial price in which case the payout will be Freeport-McMoRan shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$0.411 million
Maturity:	July 17, 2009
Coupon:	25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall below the protection price of $28.77, 65% of the initial price, and finish below the initial price, in which case Freeport-McMoRan shares equal to $1,000 principal amount divided by the initial price
Initial price:	$44.26
Protection price:	$28.77, 65% of $44.26
Pricing date:	April 14
Settlement date:	April 17
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

© 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.