RBC to price 7% reverse convertible notes on General Motors

By Sarah Lizee

Olympia, Wash., Oct. 18 – Royal Bank of Canada plans 7% reverse convertible notes due Oct. 27, 2020 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless the stock falls by 25% or more, in which case the payout will be a number of shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.

RBC Capital Markets, LLC is the agent.

The notes will price on Oct. 22.

The Cusip number is 78013GSY2.

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