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RBC plans to price 11%-15% three-month RevCons linked to Splunk
By Susanna Moon
Chicago, Sept. 15 – Royal Bank of Canada plans to price 11% to 15% annualized reverse convertible notes due Dec. 31, 2014 linked to Splunk Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Splunk stock ever closes below the barrier level – 70% 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 Splunk shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash value.
RBC Capital Markets, LLC is the agent.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 78010U2E6.
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