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RBC to price 12.25% RevCons linked to Hewlett-Packard
By Angela McDaniels
Tacoma, Wash., March 3 - Royal Bank of Canada plans to price reverse convertible notes due June 18, 2009 linked to the common stock of Hewlett-Packard Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 3.0625% for an annualized coupon of 12.25%. Interest will be payable monthly.
The payout at maturity will be par unless Hewlett-Packard stock closes below the barrier price - 75% of the initial share price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Hewlett-Packard shares equal to $1,000 divided by the initial price or, at the bank's option, the value of those shares in cash.
The notes are expected to price March 13 and settle March 18.
RBC Capital Markets Corp. is the agent.
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