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RBC to price 15% reverse convertibles linked to Micron Technology
New York, June 5 - Royal Bank of Canada plans to price 15% reverse convertible notes due Sept. 18, 2014 linked to Micron Technology, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Micron Technology shares fall below 85% 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 Micron Technology shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 13 and settle on June 18.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78010UB55.
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