RBS plans three-month 11.5% reverse exchangeables linked to Alcoa

By Susanna Moon

Chicago, June 14 - Royal Bank of Scotland NV plans to price 11.5% annualized reverse exchangeable securities due Sept. 30, 2010 based on Alcoa Inc. common shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par in cash unless Alcoa shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Alcoa shares equal to $1,000 divided by the initial price.

The notes are expected to price on June 25 and settle on June 30.

RBS Securities Inc. is the agent.

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