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RBC to price 17.25% reverse convertibles linked to Massey Energy
By Jennifer Chiou
New York, April 1 - Royal Bank of Canada plans to price 17.25% annualized reverse convertible notes due July 20, 2010 linked to the common stock of Massey Energy Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Massey Energy stock falls below the barrier price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Massey Energy shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price April 15 and settle April 20.
RBC Capital Markets Corp. is the agent.
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