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RBC plans 13.5%-16.5% reverse convertibles tied to Freeport-McMoRan
By Jennifer Chiou
New York, May 14 - Royal Bank of Canada plans to price 13.5% to 16.5% annualized reverse convertible notes due Sept. 10, 2010 linked to the common stock of Freeport-McMoRan Copper & Gold, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Freeport-McMoRan stock falls below the barrier price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price on June 4 and settle on June 9.
RBC Capital Markets Corp. is the agent.
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