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RBC to price 17.5% reverse convertibles linked to KeyCorp
New York, June 22 - Royal Bank of Canada plans to price 17.5% reverse convertible notes due Sept. 30, 2010 linked to KeyCorp shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless KeyCorp shares fall below 75% 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 KeyCorp shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 25 and settle on June 30.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008KAT0.
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