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RBS to price 11.5% reverse convertibles linked to Freeport-McMoRan
By Jennifer Chiou
New York, March 16 - Royal Bank of Scotland NV plans to price 11.5% annualized Knock-In Reverse Exchangeable Securities due June 30, 2010 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below 80% 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 Freeport-McMoRan shares equal to $1,000 divided by the initial price.
The notes are expected to price on March 26 and settle on March 31.
RBS Securities Inc. is the agent.
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