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RBC plans 8% six-month RevCons linked to Valero Energy
By Susanna Moon
Chicago, Oct. 22 - Royal Bank of Canada plans to price 8% annualized reverse convertible notes due April 30, 2014 linked to Valero Energy Corp. 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 Valero Energy stock falls below the barrier price - 80% 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 Valero Energy 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 are expected to price on Oct. 29 and settle on Oct. 31.
The Cusip number is 78010UHC4.
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