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RBC to price 11%-15% reverse convertibles linked to Splunk
By Angela McDaniels
Tacoma, Wash., Sept. 12 – Royal Bank of Canada plans to price reverse convertible notes due Dec. 31, 2014 linked to the common stock of Splunk Inc., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes are expected to carry a coupon of 11% to 15% per year. The exact coupon will be set at pricing. Interest will be payable monthly.
The payout at maturity will be par in cash unless Splunk shares fall below 70% 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 Splunk shares equal to $1,000 divided by the initial price.
The notes are expected to price Sept. 25 and settle Sept. 30.
RBC Capital Markets, LLC is the agent.
The Cusip number is 78010U2E6.
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