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RBC plans 10.75% six-month reverse convertibles linked to Valero
By Susanna Moon
Chicago, Dec. 18 - Royal Bank of Canada plans to price 10.75% reverse convertible notes due June 30, 2014 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Valero shares fall below the protection price, 80% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be Valero shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets, LLC is the agent.
The notes will price on Dec. 27 and settle on Dec. 31.
The Cusip number is 78010UMD6.
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