RBC to price 13.2% reverse convertibles linked to Stillwater Mining

By Jennifer Chiou

New York, June 15 - Royal Bank of Canada plans to price 13.2% reverse convertible notes due June 30, 2008 linked to the common stock of Stillwater Mining Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

At maturity, investors will receive par unless Stillwater Mining stock falls below the knock-in price - 70% 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 Stillwater Mining shares equal to $1,000 divided by the initial share price.

The notes will price on June 26 and settle on June 29.

RBC Capital Markets Corp. will be the agent.

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