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RBC increases coupon for RevCons linked to Sprint Nextel to 24%
By Angela McDaniels
Tacoma, Wash., May 12 - Royal Bank of Canada increased the coupon for its reverse convertible notes due Aug. 18, 2010 linked to the common stock of Sprint Nextel Corp. to 24% per year from 15.75%, according to an amended FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Sprint Nextel stock falls below the barrier price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sprint Nextel shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price May 13 and settle May 18.
RBC Capital Markets Corp. is the agent.
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