By Angela McDaniels
Seattle, May 30 - ABN Amro Bank NV priced a $1.76 million issue of Knock-in Reverse Exchangeable Securities due Aug. 31, 2007 linked to the common stock of Visteon Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 4.4375% for an annualized rate of 17.75%. Interest is payable monthly.
The payout at maturity will be par unless Visteon stock closes below the knock-in level - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Visteon 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: | Visteon Corp.
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Amount: | $1.76 million
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Maturity: | Aug. 31, 2007
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Coupon: | 17.75%, payable monthly
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Price: | Par
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Payout at maturity: | If Visteon stock closes below the knock-in level during the life of the notes and finishes below the initial share price, 118.064 Visteon shares; otherwise, par
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Initial share price: | $8.47
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Knock-in level: | $6.776, 80% of initial share price
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Pricing date: | May 24
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Settlement date: | May 31
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Agent: | ABN Amro Inc.
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Fees: | 2.125%
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