RBC plans 11% reverse convertibles linked to International Game

By E. Janene Geiss

Philadelphia, June 11 - Royal Bank of Canada plans to price an issue of 11% reverse convertible notes due June 30, 2009 linked to the common stock of the International Game Technology, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If International Game stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of International Game shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes will price on June 25 and settle on June 30.

RBC Capital Markets Corp. will be the agent.

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