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RBC to price 36% reverse convertibles linked to ATP Oil
New York, Oct. 6 - Royal Bank of Canada plans to price 36% reverse convertible notes due Jan. 21, 2010 linked to ATP Oil & Gas Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless ATP Oil 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 ATP Oil shares equal to $1,000 divided by the initial price.
The notes are expected to price on Oct. 15 and settle on Oct. 20.
RBC Capital Markets Corp. is the agent.
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