By E. Janene Geiss
Philadelphia, March 30 - ABN Amro Bank NV priced a $3.2 million offering of Knock-in Reverse Exchangeable Securities due June 29, 2007 linked to the common stock of Deere & Co. according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 2.75% at maturity for an annualized rate of 11%.
The payout at maturity, in addition to interest, will be par unless Deere stock falls below the knock-in level of $97.77 during the life of the notes and finishes below the initial share price of $108.63, in which case the payout will be a number of Deere shares equal to $1,000 divided by the initial share price.
ABN Amro Inc. is the agent for the offering.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Deere & Co.
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Amount: | $3.2 million
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Maturity: | June 29, 2007
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Coupon: | 11%, payable at maturity
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Price: | Par
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Payout at maturity: | If Deere stock falls below the knock-in level of $97.77 during the life of the notes and finishes below the initial share price, 9.206 Deere shares; otherwise, par
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Initial share price: | $108.63
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Knock-in level: | $97.77, 90% of initial share price
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | ABN Amro Inc.
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Agent fees: | 1.375%
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