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RBC to price 8.4% reverse convertibles linked to Harley-Davidson
By Susanna Moon
Chicago, Oct. 9 - Royal Bank of Canada plans to price 8.4% reverse convertible notes due April 30, 2008 linked to the common stock of Harley-Davidson, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity is par unless the stock falls by more than 20% during the life of the notes and is less than the initial share price, in which case the payout is a number of Harley-Davidson shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.
The notes are expected to price on Oct. 26 and settle on Oct. 31.
RBC Capital Markets Corp. is the agent.
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