RBC plans to price 16.5% reverse convertibles linked to Trina Solar

By Angela McDaniels

Tacoma, Wash., April 22 - Royal Bank of Canada plans to price reverse convertible notes due July 30, 2010 linked to the common stock of Trina Solar Ltd., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will carry an annualized coupon of 16.5%. Interest will be payable monthly.

The payout at maturity will be par unless Trina Solar stock falls below the barrier price - 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 Trina Solar shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.

The notes are expected to price April 27 and settle April 30.

RBC Capital Markets Corp. is 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.