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RBC plans 12.25% reverse convertibles linked to SanDisk
By Laura Lutz
Des Moines, May 8 - Royal Bank of Canada plans to price 12.25% annualized reverse convertible notes due Aug. 29, 2008 linked to the common stock of SanDisk Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If SanDisk stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of SanDisk shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on May 27 and settle on May 30.
RBC Capital Markets Corp. will be the agent.
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