RBC to price 10% reverse convertibles linked to Sirius

By Jennifer Chiou

New York, Feb. 14 - Royal Bank of Canada plans to price an offering of 10% reverse convertible notes due Feb. 28, 2008 linked to the common stock of Sirius Satellite Radio Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will price on Feb. 23 and settle on Feb. 28.

Interest will be payable quarterly.

The payout at maturity will be par unless Sirius stock falls below the barrier price - 51% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sirius shares equal to $1,000 divided by the initial share price or, at Royal Bank of Canada's option, the equivalent cash value.

RBC Capital Markets Corp. will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.