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RBS to price 9.25% reverse convertibles linked to Wells Fargo
New York, Feb. 17 - Royal Bank of Scotland NV plans to price 9.25% Knock-In Reverse Exchangeable notes due Aug. 31, 2010 linked to Wells Fargo & Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial price.
The notes are expected to price on Feb. 23 and settle on Feb. 26.
RBS Securities Inc. is the agent.
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