By E. Janene Geiss
Philadelphia, April 27 - Royal Bank of Canada priced $230,000 of 13.9% reverse convertible notes due April 30, 2008 linked to IntercontinentalExchange Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if IntercontinentalExchange stock stays at or above the protection price, 70% of the initial share price of $130.51, during the life of the notes and finishes at or above the initial share price.
Otherwise, the payout will be in IntercontinentalExchange 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: | IntercontinentalExchange Inc.
|
| Amount: | $230,000
|
| Maturity: | April 30, 2008
|
| Coupon: | 13.9%
|
| Price: | Par
|
| Payout at maturity: | Par in cash if IntercontinentalExchange stock stays at or above the protection price of $91.36 during the life of the notes and finishes at or above the initial share price; otherwise, 7.6622 IntercontinentalExchange shares
|
| Initial share price: | $130.51
|
| Protection price: | $91.36, 70% of $130.51
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | RBC Capital Markets Corp.
|
| Agent's fee: | 2%
|
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