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RBC to price 12.25% reverse convertibles linked to H&R Block
New York, May 17 - Royal Bank of Canada plans to price 12.25% reverse convertible notes due Aug. 31, 2011 linked to H&R Block, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless H&R Block shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of H&R Block shares equal to $1,000 divided by the initial price.
The notes are expected to price on May 25 and settle on May 31.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008TDE1.
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