By Jennifer Chiou
New York, June 26 - Royal Bank of Canada priced $1.375 million of 13.75% annualized reverse convertible notes due Dec. 27, 2007 linked to Ryanair Holdings plc stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
Payout at maturity will be par in cash if Ryanair stock stays at or above the protection price, 80% of the initial share price of $38.15, during the life of the notes or finishes at or above the initial share price.
Otherwise, the payout will be in Ryanair stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Ryanair Holdings plc
|
| Amount: | $1.375 million
|
| Maturity: | Dec. 27, 2007
|
| Coupon: | 13.75% annualized, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Ryanair stock stays at or above the protection price of $30.52 during the life of the notes or finishes at or above the initial share price; otherwise, a number of Ryanair shares equal to $1,000 divided by the initial share price
|
| Initial share price: | $38.15
|
| Protection price: | $30.52, 80% of $38.15
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.25%
|
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