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RBC to price 9.3% to 13.3% reverse convertibles linked to Western Digital
New York, Oct. 11 - Royal Bank of Canada plans to price 9.3% to 13.3% reverse convertible notes due Jan. 29, 2013 linked to Western Digital Corp. shares, according to an FWP filing with the Securities and Exchange Commission. The exact coupon will be set at pricing.
The payout at maturity will be par in cash unless Western Digital 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 Western Digital shares equal to $1,000 divided by the initial price.
The notes are expected to price on Oct. 24 and settle on Oct. 29.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008SNF9.
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