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RBC plans 24.4% reverse convertibles linked to Washington Mutual
By Laura Lutz
Des Moines, Dec. 10 - Royal Bank of Canada plans to price an issue of 24.4% reverse convertible notes due March 31, 2008 linked to the common stock of Washington Mutual, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Washington Mutual stock falls below the knock-in price - 65% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Washington Mutual shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on Dec. 27 and settle on Dec. 31.
RBC Capital Markets Corp. will be the agent.
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