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RBC to price 15% reverse convertibles linked to Frontier Oil
New York, Oct. 6 - Royal Bank of Canada plans to price 15% reverse convertible notes due Jan. 21, 2010 linked to Frontier Oil Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Frontier Oil shares fall below 75% 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 Frontier Oil shares equal to $1,000 divided by the initial price.
The notes are expected to price on Oct. 15 and settle on Oct. 20.
RBC Capital Markets Corp. is the agent.
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