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RBC to price 21.3% reverse convertibles linked to Elan
By Angela McDaniels
Seattle, Sept. 10 - Royal Bank of Canada plans to price 21.3% reverse convertible notes due Dec. 28, 2007 linked to the common stock of Elan Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Elan stock falls by more than 30% during the life of the notes and the final share price is less than 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 or, at the bank's option, the equivalent cash value.
The notes will price on Sept. 25 and settle on Sept. 28.
RBC Capital Markets Corp. will be the agent.
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