By Laura Lutz
Des Moines, July 30 - Royal Bank of Canada priced $627,000 of 18.5% reverse convertible notes due Jan. 31, 2008 linked to FuelCell Energy, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if FuelCell stock stays at or above the protection price, 80% of the initial price of $7.28, during the life of the notes or finishes at or above the initial price.
Otherwise, the payout will be in FuelCell stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | FuelCell Energy, Inc. (Symbol: FCEL)
|
| Amount: | $627,000
|
| Maturity: | Jan. 31, 2008
|
| Coupon: | 18.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if FuelCell stock stays at or above the protection price of $5.82 or finishes at or above the initial price; otherwise shares of FuelCell stock equal to $1,000 divided by the initial price
|
| Initial price: | $7.28
|
| Protection price: | $5.82, 80% of $7.28
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.5%
|
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