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RBC to price 15% reverse convertibles linked to Nucor
New York, July 21 - Royal Bank of Canada plans to price 15% reverse convertible notes due Oct. 30, 2009 linked to Nucor Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Nucor 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 Nucor shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 28 and settle on July 31.
RBC Capital Markets Corp. is the agent.
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