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RBC to price 10.75% reverse convertibles linked to American Express
New York, Sept. 21 - Royal Bank of Canada plans to price 10.75% reverse convertible notes due Dec. 31, 2009 linked to American Express Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless American Express 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 American Express shares equal to $1,000 divided by the initial price.
The notes are expected to price on Sept. 25 and settle on Sept. 30.
RBC Capital Markets Corp. is the agent.
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