RBC plans to price 7.25%-9.25% ELKS linked to Freeport-McMoRan

By Marisa Wong

Madison, Wis., March 19 - Royal Bank of Canada plans to price Equity LinKed Securities due October 2013 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes will carry a coupon of 7.25% to 9.25% per year. The exact coupon will be set at pricing. Interest will be payable monthly.

The payout at maturity will be par of $10 unless the final price of Freeport shares is less than 80% of the initial price, in which case the payout will be a number of Freeport shares equal to $10 divided by the initial share price or, at each holder's option, a cash amount equal to the value of those shares.

The notes (Cusip: 78008D323) are expected to price on March 28 and settle three days after that.

RBC Capital Markets, LLC is the underwriter. Morgan Stanley Smith Barney LLC will handle distribution.

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