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RBC to price 7.5% reverse convertibles linked to Apple
New York, Sept. 18 - Royal Bank of Canada plans to price 7.5% reverse convertible notes due Sept. 30, 2013 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below 80% 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 Apple shares equal to $1,000 divided by the initial price.
The notes are expected to price on Sept. 26 and settle on Sept. 28.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008SKU9.
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