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RBC plans 13.5% reverse convertibles linked to Paccar
By Susanna Moon
Chicago, Aug. 11 - Royal Bank of Canada plans to price 13.5% reverse convertible notes due Aug. 31, 2009 linked to the common stock of Paccar Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Paccar stock falls below the knock-in price - 70% 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 Paccar shares equal to par divided by the initial price, or the equivalent value of the shares in cash, at the issuer's option.
Otherwise, the payout will be par.
The notes will price on Aug. 26 and settle on Aug. 29.
RBC Capital Markets Corp. will be the agent.
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