By E. Janene Geiss
Philadelphia, May 30 - ABN Amro Bank NV priced $1.7 million of Knock-in Reverse Exchangeable Securities due Nov. 30, 2007 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 8.25% for an annualized rate of 16.5%. Interest is payable monthly.
Payment at maturity will be determined according to the performance of General Motors stock. If the stock trades at or below $24.38, the knock-in price, and closes below $30.47, the initial stock price, during the life of the notes, investors will receive a number of General Motors shares equal to $1,000 divided by the initial stock price. The knock-in price is 80% of the initial stock price.
Otherwise, investors will receive par in cash.
ABN Amro Inc. is the agent.
| Issuer: | ABN Amro Bank NV
|
| Issue: | Knock-in Reverse Exchangeable Securities
|
| Underlying stock: | General Motors Corp.
|
| Amount: | $1.7 million
|
| Maturity: | Nov. 30, 2007
|
| Coupon: | 16.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If General Motors stock closes below the knock-in price of $24.38 during the life of the notes and finishes below the initial stock price, 32.819 shares of General Motors stock; otherwise, par in cash
|
| Initial stock price: | $30.47
|
| Knock-in price: | $24.38, 80% of initial stock price
|
| Exchange ratio: | 32.819 shares, at maturity
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Agent: | ABN Amro Inc.
|
| Fees: | 1.75%
|
| Distribution: | Off shelf
|
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