By Susanna Moon
Chicago, April 1 - Royal Bank of Canada priced $1.1 million of 28.5% reverse convertible notes due July 8, 2008 linked to the common stock of Kohl's Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Kohl's shares equal to $1,000 divided by the initial share price. Fractional shares will be paid in cash.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Kohl's Corp. (NYSE: KSS)
|
| Amount: | $1.1 million
|
| Maturity: | July 8, 2008
|
| Coupon: | 28.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the stock falls below the barrier price during the life of the notes and finishes below the initial share price, a number of Kohl's shares equal to $1,000 divided by the initial price
|
| Initial share price: | $42.89
|
| Barrier price: | $34.31, or 80% of initial share price
|
| Pricing date: | March 31
|
| Settlement date: | April 7
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.25%
|
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