RBC to price 9.3% reverse convertibles linked to Schlumberger

By Angela McDaniels

Seattle, Sept. 10 - Royal Bank of Canada plans to price 9.3% reverse convertible notes due Sept. 30, 2008 linked to the common stock of Schlumberger Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Schlumberger stock falls by more than 25% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.

The notes will price on Sept. 25 and settle on Sept. 28.

RBC Capital Markets Corp. will be the agent.

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