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RBC plans 14% reverse convertibles linked to Apple
By Susanna Moon
Chicago, April 4 - Royal Bank of Canada plans to price 14% annualized reverse convertible notes due Oct. 31, 2008 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Apple 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 Apple shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on April 25 and settle on April 30.
RBC Capital Markets Corp. will be the agent.
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