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RBC to price 17.85% reverse convertibles linked to Moody's
By Laura Lutz
Des Moines, Aug. 8 - Royal Bank of Canada plans to price an issue of 17.85% reverse convertible notes due Nov. 30, 2007 linked to the common stock of Moody's Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Moody's stock falls below the knock-in price - 80% 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 Moody's shares equal to $1,000 divided by the initial share price.
The notes will price on Aug. 28 and settle on Aug. 31.
RBC Capital Markets Corp. will be the agent.
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