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RBC to price 12.5% reverse convertibles linked to Apache
By Angela McDaniels
Tacoma, Wash., Sept. 10 - Royal Bank of Canada plans to price reverse convertible notes due March 31, 2009 linked to the common stock of Apache Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 6.25% for an annualized coupon of 12.5%. Interest will be payable monthly.
The payout at maturity will be par unless Apache stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apache shares equal to $1,000 divided by the initial share price or, at the bank's option, the value of those shares in cash.
The notes will price on Sept. 25 and settle on Sept. 30.
RBC Capital Markets Corp. will be the underwriter.
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