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RBC plans 8.55%-11.55% reverse convertibles linked to General Electric
By Angela McDaniels
Tacoma, Wash., Sept. 15 - Royal Bank of Canada plans to price reverse convertible notes due April 12, 2011 linked to the common stock of General Electric Co., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 8.55% to 11.55% that will be set at pricing. Interest is payable monthly.
The payout at maturity will be par in cash unless General Electric shares fall below 75% of the initial share price during the life of the notes and finish below the initial price, in which case the payout will be a number of General Electric shares equal to $1,000 divided by the initial price.
The notes (Cusip: 78008KLC5) will price Oct. 7 and settle Oct. 13.
RBC Capital Markets Corp. is the agent.
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