New Issue: RBC prices $1.35 million 7.05% reverse convertible notes linked to General Electric

By William Gullotti

Buffalo, N.Y., June 15 – Royal Bank of Canada priced $1.35 million of 7.05% reverse convertible notes due May 25, 2022 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless General Electric stock falls by 80% or more, in which case the payout will be a number of General Electric shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	General Electric Co.
Amount:	$1.35 million
Maturity:	May 25, 2022
Coupon:	7.05%, payable monthly
Price:	Par
Payout at maturity:	Par unless stock falls below barrier price, in which case number of General Electric shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash
Initial share price:	$13.06
Barrier price:	$10.45; 80% of initial price
Pricing date:	May 20
Settlement date:	May 25
Agent:	RBC Capital Markets, LLC
Fees:	2%
Cusip:	78013GN68

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