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ABN Amro plans issue of 8% knock-in reverse convertibles linked to Merck
By Angela McDaniels
Seattle, Aug. 28 - ABN Amro Bank NV plans to price an issue of 8% knock-in reverse convertible notes due Sept. 10, 2007 linked to Merck & Co. Inc. stock, according to the agent for the deal, LaSalle Financial Services Inc.
Interest will be payable quarterly.
The pricing date will be Sept. 8 with settlement on Sept. 13.
Payout at maturity will be par in cash unless Merck stock hits the knock-in level - 80% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Merck shares equal to $1,000 divided by the initial price.
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