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ABN Amro plans issue of 14.55% Knock-In Reverse Exchangeables linked to Apple
By Angela McDaniels
Seattle, April 12 - ABN Amro Bank NV plans to price an issue of 14.55% (annualized) Knock-In Reverse Exchangeable notes due Jan. 26, 2007 linked to Apple Computer Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The nine-month notes will pay 10.91% interest, which is equivalent to an annualized interest rate of 14.55%. Interest will be payable quarterly.
The proposed pricing date is April 21.
Payment at maturity will be based on the performance of Apple stock:
• If the stock trades at or below the knock-in price and closes below the initial price, investors will receive a number of Apple shares equal to $1,000 divided by the initial stock price. The knock-in price will be 80% of the initial price;
• Otherwise the payout is par in cash.
LaSalle Financial Services Inc. and ABN Amro Inc. will be agents for the offering.
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