RBS changes dates of variable-income notes linked to 10 stocks

By Angela McDaniels

Tacoma, Wash., Feb. 10 - Royal Bank of Scotland plc pushed back the pricing, settlement and maturity dates of its upcoming variable-income notes linked to a basket of common stocks, according an amended 424B5 filing with the Securities and Exchange Commission.

The notes will price March 6, settle March 9 and mature March 9, 2017.

Prior to the change, the notes were going to price Feb. 24, settle Feb. 29 and mature Feb. 28, 2017.

As previously reported, the basket includes Altria Group, Inc., American Electric Power Co., Inc., AT&T Inc., Avon Products, Inc., Bristol-Myers Squibb Co., Entergy Corp., Lockheed Martin Corp., Pfizer Inc., Southern Co. and Verizon Communications Inc.

The notes will pay a coupon each year equal to the average of the basket stocks' performances, subject to a minimum coupon of 1%.

If a stock's return is greater than or equal to zero, its performance will be equal to the auto-cap rate, which is expected to be 6% to 8% and will be set at pricing. Otherwise, its performance will be the greater of the stock return and negative 30%.

The payout at maturity will be par plus the final coupon.

RBS Securities Inc. is the agent.

The Cusip number is 78009PCN9.

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