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RBC lifts coupon to 11.75% for reverse convertibles linked to Valero
By Laura Lutz
Des Moines, April 8 - Royal Bank of Canada amended the coupon to 11.75% from 10% for its planned issue of 10% reverse convertible notes due July 31, 2008 linked to the common stock of Valero Energy Corp.
The issue was originally announced in a 424B2 filed with the Securities and Exchange Commission on April 4. The coupon was changed in an amended version of that 424B2 filed on Tuesday.
No other terms were changed.
Interest will be payable monthly.
If Valero stock falls below the knock-in price - 75% 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 Valero shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on April 25 and settle on April 30.
RBC Capital Markets Corp. will be the agent.
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