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RBS plans six-month 16.25% reverse exchangeables on Lincoln National
By Susanna Moon
Chicago, June 14 - Royal Bank of Scotland NV plans to price 16.25% annualized reverse exchangeable securities due Dec. 31, 2010 based on Lincoln National Corp. common shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Lincoln National shares fall below 70% 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 Lincoln National shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 25 and settle on June 30.
RBS Securities Inc. is the agent.
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