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RBC to price 16.75% reverse convertibles linked to MGM Resorts
New York, June 6 - Royal Bank of Canada plans to price 16.75% reverse convertible notes due Sept. 20, 2011 linked to MGM Resorts International shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless MGM Resorts 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 MGM Resorts shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 15 and settle on June 20.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008TFQ2.
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