By Angela McDaniels
Seattle, June 27 - ABN Amro Bank NV priced a $1 million issue of Knock-in Reverse Exchangeable Securities due Dec. 28, 2007 linked to the common stock of First Marblehead Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 8.75% for an annualized rate of 17.5%. Interest is payable monthly.
The payout at maturity will be par unless First Marblehead 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 First Marblehead shares equal to $1,000 divided by the initial share price.
ABN Amro Inc. is the agent.
| Issuer: | ABN Amro Bank NV
|
| Issue: | Knock-in Reverse Exchangeable Securities
|
| Underlying stock: | First Marblehead Corp.
|
| Amount: | $1 million
|
| Maturity: | Dec. 28, 2007
|
| Coupon: | 17.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If First Marblehead stock closes below the knock-in level during the life of the notes and finishes below the initial share price, 24.771 First Marblehead shares; otherwise, par
|
| Initial share price: | $40.37
|
| Knock-in level: | $32.30, 80% of initial share price
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | ABN Amro Inc.
|
| Fees: | 1.75%
|
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