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RBC to price 9.25% reverse convertibles linked to Ford Motor
New York, March 21 - Royal Bank of Canada plans to price 9.25% reverse convertible notes due Sept. 30, 2011 linked to Ford Motor Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Ford Motor 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 Ford Motor shares equal to $1,000 divided by the initial price.
The notes are expected to price on March 28 and settle on March 31.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008K3C5.
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