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ABN Amro plans 22.25% Knock-in Reverse Exchangeables linked to Elan
By Jennifer Chiou
New York, June 5 - ABN Amro Bank NV plans to price 22.25% annualized Knock-in Reverse Exchangeable Securities S-Notes due Sept. 28, 2007 linked to Elan Corp, plc stock, according to a term sheet.
Payment at maturity will be determined according to the performance of Elan stock. If the stock closes below the knock-in price during the life of the notes and finishes below the initial stock price, investors will receive a number of Elan shares equal to $1,000 divided by the initial stock price. The knock-in price will be 80% of the initial stock price.
Otherwise, investors will receive par in cash.
The notes will price on June 26 and settle on June 29.
ABN Amro Inc. will be the agent.
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