By Angela McDaniels
Tacoma, Wash., April 21 - Royal Bank of Scotland NV priced $1.87 million of reverse exchangeable securities due July 23, 2010 linked to the common stock of Century Aluminum Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay 5.0625% for an annualized coupon of 20.25%. Interest is payable monthly.
The payout at maturity will be par unless Century Aluminum shares fall below the knock-in price - 75% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Century Aluminum stock equal to $1,000 divided by the initial share price.
RBS Securities Inc. is the agent.
| Issuer: | Royal Bank of Scotland NV
|
| Issue: | Reverse exchangeable securities
|
| Underlying stock: | Century Aluminum Co. (Symbol: CENX)
|
| Amount: | $1.87 million
|
| Maturity: | July 23, 2010
|
| Coupon: | 20.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Century Aluminum shares fall below knock-in price during life of notes and finish below initial share price, 67.204 Century Aluminum shares; otherwise, par
|
| Initial share price: | $14.88
|
| Knock-in price: | $11.16, 75% of initial price
|
| Pricing date: | April 20
|
| Settlement date: | April 23
|
| Agent: | RBS Securities Inc.
|
| Fees: | 2.75%
|
| Cusip: | 78009KFN7
|
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