New Issue: RBC prices $0.26 million 14.8% reverse convertibles linked to General Electric

New York, Aug. 20 - Royal Bank of Canada priced $0.264 million of 14.8% reverse convertible notes due Feb. 22, 2010 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless General Electric shares fall below the protection price of $10.19, 75% of the initial price of $13.59, during the life of the notes and finish below the initial price in which case the payout will be General Electric 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:	General Electric Co. (Symbol: GE)
Amount:	$0.264 million
Maturity:	Feb. 22, 2010
Coupon:	14.8%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless General Electric shares fall below the protection price of $10.19, 75% of the initial price, and finish below the initial price, in which case General Electric shares equal to $1,000 principal amount divided by the initial price
Initial price:	$13.59
Protection price:	$10.19, 75% of $13.59
Pricing date:	Aug. 18
Settlement date:	Aug. 21
Agent:	RBC Capital Markets Corp.
Fees:	1.75%

© 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.