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RBC to price 15% reverse convertibles linked to Deckers Outdoor
New York, Jan. 7 - Royal Bank of Canada plans to price 15% reverse convertible notes due April 18, 2013 linked to Deckers Outdoor Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Deckers Outdoor shares fall below 70% 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 Deckers Outdoor shares equal to $1,000 divided by the initial price.
The notes are expected to price on Jan. 16 and settle on Jan. 18.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008SUL8.
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