RBC to sell three-month 17% reverse convertibles on Las Vegas Sands

By Susanna Moon

Chicago, March 22 - Royal Bank of Canada plans to price 17% annualized reverse convertible notes due June 30, 2010 based on the performance of Las Vegas Sands Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the stock falls below the barrier price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash equivalent.

The notes are expected to price on March 26 and settle on March 31.

RBC Capital Markets Corp. is the agent.

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