New Issue: RBC revises terms on $1 million 23% reverse convertibles linked to LDK Solar

New York, June 3 - Royal Bank of Canada announced a change in the terms for its $1 million of 23% reverse convertible notes due Aug. 25, 2008 linked to LDK Solar Co. Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The protection price is now $28.76, 70% of the initial price instead of the $27.76 and 67.5% previously announced.

Payout at maturity will be par in cash unless LDK Solar shares fall below the protection price of $28.76, 70% of the initial price of $41.08, during the life of the notes and finishes below the initial price in which case the payout will be LDK Solar shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	LDK Solar Co. Ltd. (Symbol: LDK)
Amount:	$1 million
Maturity:	Aug. 25, 2008
Coupon:	23%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless LDK Solar stock falls below the protection price of $28.76, 70% of the initial price, and finishes below the initial price, in which case LDK Solar shares equal to $1,000 principal amount divided by the initial price
Initial price:	$41.08
Protection price:	$28.76, 70% of $41.08
Pricing date:	May 20
Settlement date:	May 23
Agent:	RBC Capital Markets Corp.
Fees:	1%

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