RBC plans 30% reverse convertibles linked to Frontier Oil

By Susanna Moon

Chicago, April 17 - Royal Bank of Canada plans to price 30% reverse convertible notes due July 25, 2008 linked to the common stock of Frontier Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Frontier Oil stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Frontier Oil shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes will price on April 18 and settle on April 25.

RBC Capital Markets Corp. will be the agent.

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