New Issue: RBC prices $150,000 9.25% reverse convertibles linked to Michael Kors

By Susanna Moon

Chicago, Dec. 18 - Royal Bank of Canada priced $150,000 of 9.25% reverse convertible notes due June 18, 2014 linked to Michael Kors Holdings Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Michael Kors shares fall below the protection level, 80% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be Michael Kors shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Michael Kors Holdings Ltd. (Symbol: KORS)
Amount:	$150,000
Maturity:	June 18, 2014
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Michael Kors shares fall below the protection price and finish below the initial price, in which case Michael Kors shares equal to $1,000 principal amount divided by the initial price
Initial price:	$82.27
Protection price:	$65.82, 80% of initial price
Pricing date:	Dec. 13
Settlement date:	Dec. 18
Agent:	RBC Capital Markets, LLC
Fees:	2%
Cusip:	78010UKV8

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