Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Apple Inc. > News item |
RBC plans 15.5% reverse convertibles linked to Apple
By Susanna Moon
Chicago, Sept. 30 - Royal Bank of Canada plans to price 15.5% annualized reverse convertible notes due Jan. 9, 2009 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Apple stock falls below the knock-in price - 65% 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 Apple shares equal to par divided by the initial price, or the equivalent value of the shares in cash, at the issuer's option.
Otherwise, the payout will be par.
The notes will price on Oct. 6 and settle on Oct. 9.
RBC Capital Markets Corp. will be the agent.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.