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RBC to price 19.5% reverse convertibles linked to Elan
By Laura Lutz
Des Moines, May 10 - Royal Bank of Canada plans to price an issue of 19.5% reverse convertible notes due Aug. 29, 2007 linked to the common stock of Elan Corp. plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Elan stock falls below the knock-in price - 70% 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 Elan shares equal to $1,000 divided by the initial share price.
The notes will price on May 25 and settle on May 31.
RBC Capital Markets Corp. will be the agent.
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