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RBC to price 13.5% reverse convertibles linked to Salesforce.com
New York, Nov. 9 - Royal Bank of Canada plans to price 13.5% reverse convertible notes due Feb. 29, 2012 linked to Salesforce.com, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Salesforce.com shares fall below 70% 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 Salesforce.com shares equal to $1,000 divided by the initial price.
The notes are expected to price on Nov. 23 and settle on Nov. 30.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008TXZ2.
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