RBC to price 14.25% reverse convertibles linked to KB Home

New York, May 20 - Royal Bank of Canada plans to price 14.25% reverse convertible notes due Nov. 29, 2013 linked to KB Home shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless KB Home 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 KB Home shares equal to $1,000 divided by the initial price.

The notes are expected to price on May 28 and settle on May 31.

RBC Capital Markets Corp. is the agent.

The Cusip number is 78008SY91.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.