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RBC plans 13.5% reverse convertibles linked to Schering-Plough
By Susanna Moon
Chicago, Oct. 14 - Royal Bank of Canada plans to price 13.5% annualized reverse convertible notes due April 30, 2009 linked to the common stock of Schering-Plough Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Schering-Plough stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Schering-Plough shares equal to par divided by the initial price, or the cash equivalent, at the issuer's option.
Otherwise, the payout will be par.
The notes will price on Oct. 28 and settle on Oct. 31.
RBC Capital Markets Corp. will be the agent.
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