By Jennifer Chiou
New York, Sept. 27 - Royal Bank of Canada priced $1 million of 11% annualized reverse convertible notes due April 1, 2008 linked to Jack in the Box Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if Jack in the Box stock stays at or above the protection price, 80% of the initial price of $65.23, during the life of the notes or finishes at or above the initial price.
Otherwise, the payout will be in Jack in the Box stock, with the number of shares equal to $1,000 divided by the initial price.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Jack in the Box Inc. (Symbol: JBX)
|
| Amount: | $1 million
|
| Maturity: | April 1, 2008
|
| Coupon: | 11% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Jack in the Box stock stays at or above the protection price of $52.18 or finishes at or above the initial price; otherwise shares of Jack in the Box stock equal to $1,000 divided by the initial price
|
| Initial price: | $65.23
|
| Protection price: | $52.18, 80% of $65.23
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 2
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
