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RBC plans 8.75% one-year STEP Income notes on Whirlpool via Merrill
By Susanna Moon
Chicago, Aug. 25 – Royal Bank of Canada plans to price 8.75% STEP Income Securities due September 2017 linked to Whirlpool Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If Whirlpool shares finish at or above the step level – 108.75% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5%, with the exact amount to be set at pricing.
If the shares gain by up to the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in September.
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