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RBC to price 18.25% reverse convertibles linked to Lincoln National
New York, Oct. 23 - Royal Bank of Canada plans to price 18.25% reverse convertible notes due Jan. 29, 2010 linked to Lincoln National Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Lincoln National 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 Lincoln National shares equal to $1,000 divided by the initial price.
The notes are expected to price on Oct. 27 and settle on Oct. 30.
RBC Capital Markets Corp. is the agent.
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