By Laura Lutz
Des Moines, July 30 - Royal Bank of Canada priced $71,000 of 12% reverse convertible notes due Jan. 31, 2008 linked to BHP Billiton Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if BHP Billiton stock stays at or above the protection price, 80% of the initial price of $63.25, during the life of the notes or finishes at or above the initial price.
Otherwise, the payout will be in BHP Billiton stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
|
Issue: | Reverse convertible notes
|
Underlying stock: | BHP Billiton Ltd. (Symbol: BHP)
|
Amount: | $71,000
|
Maturity: | Jan. 31, 2008
|
Coupon: | 12%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if BHP Billiton stock stays at or above the protection price of $50.60 or finishes at or above the initial price; otherwise shares of BHP Billiton stock equal to $1,000 divided by the initial price
|
Initial price: | $63.25
|
Protection price: | $50.60, 80% of $63.25
|
Pricing date: | July 26
|
Settlement date: | July 31
|
Agent: | RBC Capital Markets Corp.
|
Fees: | 1.75%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.