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RBC plans 9.5% six-month reverse convertibles linked to United Rentals
By Susanna Moon
Chicago, Jan. 8 - Royal Bank of Canada plans to price 9.5% annualized reverse convertible notes due July 17, 2014 linked to United Rentals Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless United Rentals stock falls below the barrier price - 80% 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 United Rentals shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash equivalent.
RBC Capital Markets LLC is the agent.
The notes will price on Jan. 15 and settle on Jan. 17.
The Cusip number is 78010UNP8.
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