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RBC to price 13.5% reverse convertibles linked to Wells Fargo
New York, June 3 - Royal Bank of Canada plans to price 13.5% reverse convertible notes due Sept. 20, 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 80% 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 June 15 and settle on June 18.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008H6P0.
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