New Issue: RBC prices $685,000 14.25% reverse convertibles linked to DryShips

New York, April 28 - Royal Bank of Canada priced $685,000 of 14.25% reverse convertible notes due July 29, 2011 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless DryShips shares fall below the protection price of $3.86, 80% of the initial price of $4.82, during the life of the notes and finish below the initial price in which case the payout will be DryShips 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:	DryShips Inc. (Symbol: DRYS)
Amount:	$685,000
Maturity:	July 29, 2011
Coupon:	14.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless DryShips shares fall below the protection price of $3.86, 80% of the initial price, and finish below the initial price, in which case DryShips shares equal to $1,000 principal amount divided by the initial price
Initial price:	$4.82
Protection price:	$3.86, 80% of $4.82
Pricing date:	April 26
Settlement date:	April 29
Agent:	RBC Capital Markets Corp.
Fees:	1.5%
Cusip:	78008K6G3

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