By E. Janene Geiss
Philadelphia, June 27 - Royal Bank of Canada priced $1.022 million of 15% reverse convertible notes due June 30, 2008 linked to Jones Soda Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash if Jones Soda stock stays at or above the protection price of $9.68 - 70% of the initial price - during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in Jones Soda stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Jones Soda Co.
|
| Amount: | $1.022 million
|
| Maturity: | June 30, 2008
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Jones Soda stock stays at or above the protection price of $9.68 during the life of the notes and finishes at or above the initial share price; otherwise, the number of Jones Soda shares equal to $1,000 divided by the initial share price
|
| Initial share price: | $13.83
|
| Protection price: | $9.68, 70% of $13.83
|
| Pricing date: | June 26
|
| Settlement date: | June 29
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 2%
|
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