RBC to price 7.25% reverse convertibles linked to Biogen Idec

By Angela McDaniels

Tacoma, Wash., Aug. 8 – Royal Bank of Canada plans to price 7.25% reverse convertible notes due Feb. 23, 2015 linked to the common stock of Biogen Idec Inc., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Biogen Idec shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Biogen Idec shares equal to $1,000 divided by the initial price.

RBC Capital Markets LLC is the underwriter.

The notes are expected to price Aug. 18 and settle Aug. 21.

The Cusip number is 78010UT64.

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