RBC plans 12% reverse convertibles linked to Terex

By E. Janene Geiss

Philadelphia, June 11 - Royal Bank of Canada plans to price an issue of 12% reverse convertible notes due June 30, 2009 linked to the common stock of Terex Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Terex stock falls below the knock-in price - 65% 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 Terex shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes will price on June 25 and settle on June 30.

RBC Capital Markets Corp. will be the agent.

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