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RBC plans to price 9.5% STEP Income Securities linked to Splunk
By Toni Weeks
San Luis Obispo, Calif., April 16 – Royal Bank of Canada plans to price 9.5% STEP Income Securities due May 2016 linked to Splunk Inc. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Splunk shares finishes at or above the step level – 109.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above 95% of the initial level but below the step level, the payout will be par.
Investors will be exposed to any losses beyond the 5% buffer.
The securities will price and settle in April.
BofA Merrill Lynch is the agent.
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