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RBC to price 14.5% reverse convertibles linked to Sprint Nextel
New York, June 3 - Royal Bank of Canada plans to price 14.5% reverse convertible notes due Sept. 20, 2010 linked to Sprint Nextel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Sprint Nextel shares fall below 65% 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 Sprint Nextel shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 15 and settle on June 18.
RBC Capital Markets Corp. is the agent.
The Cusip number is 78008H6M7.
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