By Angela McDaniels
Seattle, June 25 - ABN Amro Bank NV priced a $4 million issue of Knock-in Reverse Exchangeable Securities due Dec. 26, 2007 linked to the common stock of Norfolk Southern Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 6% for an annualized rate of 12%. Interest is payable monthly.
The payout at maturity will be par unless Norfolk Southern stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Norfolk Southern shares equal to $1,000 divided by the initial share price.
ABN Amro Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Norfolk Southern Corp.
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Amount: | $4 million
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Maturity: | Dec. 26, 2007
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | If Norfolk Southern stock closes below the knock-in level during the life of the notes and finishes below the initial share price, 18.08 Norfolk Southern shares; otherwise, par
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Initial share price: | $55.31
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Knock-in level: | $44.25, 80% of initial share price
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Pricing date: | June 21
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Settlement date: | June 26
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Agent: | ABN Amro Inc.
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Fees: | 1.75%
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