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RBC to price 11.5% reverse convertibles linked to Salesforce.com
New York, March 21 - Royal Bank of Canada plans to price 11.5% reverse convertible notes due June 30, 2011 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 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 Salesforce.com shares equal to $1,000 divided by the initial price.
The notes are expected to price on March 28 and settle on March 31.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008K2E2.
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