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RBC to price 7.5%-10.5% reverse convertibles linked to GameStop
By Angela McDaniels
Tacoma, Wash., May 7 - Royal Bank of Canada plans to price reverse convertible notes due Aug. 27, 2014 linked to the common stock of GameStop Corp., according to an FWP filing with the Securities and Exchange Commission.
The interest rate is expected to be 7.5% to 10.5% per year and will be set at pricing. Interest will be payable monthly.
The payout at maturity will be par in cash unless GameStop shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of GameStop shares equal to $1,000 divided by the initial price.
RBC Capital Markets, LLC is the agent.
The notes are expected to price May 22 and settle May 28.
The Cusip number is 78010UYR2.
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