By Angela McDaniels
Tacoma, Wash., Aug. 25 – Royal Bank of Canada priced $1.1 million of 10.15% issuer callable reverse convertible notes due Aug. 29, 2016 linked to Biogen Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par quarterly.
The payout at maturity will be par in cash unless Biogen shares finish below the barrier price, 75% of the initial price, in which case the payout will be a number of Biogen shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable reverse convertible notes
|
| Underlying stock: | Biogen Inc. (Symbol: BIIB)
|
| Amount: | $1.1 million
|
| Maturity: | Aug. 29, 2016
|
| Coupon: | 10.15%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Biogen shares finish below barrier price, in which case 3.3966 Biogen shares
|
| Call option: | At par on any quarterly redemption date
|
| Initial price: | $294.41
|
| Barrier price: | $220.81, 75% of initial price
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 27
|
| Agent: | RBC Capital Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 78013GAG0
|
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