By E. Janene Geiss
Philadelphia, Feb. 27 - Royal Bank of Canada priced $2.464 of 10% reverse convertible notes due Feb. 28, 2008 linked to Sirius Satellite Radio Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash if Sirius stock stays at or above the protection price - just over 50% of the initial share price of $3.74 - during the life of the notes and finishes at or above the initial share price.
Otherwise, the payout will be in Sirius stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Royal Bank of Canada
|
Issue: | Reverse convertible notes
|
Underlying stock: | Sirius Satellite Radio Inc.
|
Amount: | $2.464 million
|
Maturity: | Feb. 28, 2008
|
Coupon: | 10%, payable quarterly
|
Price: | Par
|
Payout at maturity: | Par in cash if Sirius stock stays at or above the protection price of $1.91 and finishes at or above the initial share price; otherwise, 267.38 shares of Sirius stock
|
Initial share price: | $3.74
|
Protection price: | $1.91
|
Pricing date: | Feb. 23
|
Settlement date: | Feb. 28
|
Agent: | RBC Capital Markets Corp.
|
Agent fees: | 2%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.