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RBC plans 19.5% reverse convertibles linked to Harley-Davidson
By Susanna Moon
Chicago, Oct. 14 - Royal Bank of Canada plans to price 19.5% annualized reverse convertible notes due April 30, 2009 linked to the common stock of Harley-Davidson Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Harley-Davidson stock falls below the knock-in price - 70% 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 Harley-Davidson shares equal to par divided by the initial price, or the cash equivalent, at the issuer's option.
Otherwise, the payout will be par.
The notes will price on Oct. 28 and settle on Oct. 31.
RBC Capital Markets Corp. will be the agent.
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