Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Apple Inc. > News item |
RBC to price 12.75% RevCons linked to Apple
By Angela McDaniels
Tacoma, Wash., April 2 - Royal Bank of Canada plans to price reverse convertible notes due July 17, 2009 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will carry an annualized coupon of 12.75%. Interest will be payable monthly.
The payout at maturity will be par unless Apple stock falls below the barrier price - 75% 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 Apple shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price April 14 and settle April 17.
RBC Capital Markets Corp. is the agent.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.