RBC to price 23% reverse convertibles linked to Force Protection

By Susanna Moon

Chicago, Nov. 6 - Royal Bank of Canada plans to price 23% reverse convertible notes due Feb. 26, 2008 linked to the common stock of Force Protection, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity is par unless the stock falls by more than 30% during the life of the notes and is less than the initial share price, in which case the payout is a number of Force Protection shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.

The notes are expected to price on Nov. 20 and settle on Nov. 26.

RBC Capital Markets Corp. is the agent.

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