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RBC to price 10.5% reverse convertibles linked to Monsanto
New York, July 7 - Royal Bank of Canada plans to price 10.5% reverse convertible notes due Jan. 20, 2010 linked to Monsanto Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Monsanto shares fall below 75% 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 Monsanto shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 15 and settle on July 20.
RBC Capital Markets Corp. is the agent.
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