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RBC to price 17.5% reverse convertibles linked to Wynn Resorts
New York, July 9 - Royal Bank of Canada plans to price 17.5% reverse convertible notes due Oct. 29, 2010 linked to Wynn Resorts Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wynn Resorts 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 Wynn Resorts shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 27 and settle on July 30.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008KDQ3.
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