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RBC plans 16.3% reverse convertibles linked to General Motors
By Laura Lutz
Des Moines, March 10 - Royal Bank of Canada plans to price an issue of 16.3% reverse convertible notes due March 31, 2009 linked to the common stock of General Motors Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If General Motors stock falls below the knock-in price - 50% 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 General Motors shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on March 26 and settle on March 31.
RBC Capital Markets Corp. will be the agent.
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