Published on 3/29/2007 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: ABN Amro sells $14.5 million 12.5% notes linked to Freeport-McMoRan
By E. Janene Geiss
Philadelphia, March 29 - ABN Amro Bank NV priced $14.5 million of 12.5% Knock-in Reverse Exchangeable Securities due March 31, 2008 linked to Freeport-McMoRan Copper & Gold Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Freeport-McMoRan stock falls below the knock-in price of $45.30 during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc.
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Amount: | $14.5 million
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Maturity: | March 31, 2008
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | 15.451 shares of Freeport-McMoRan stock if Freeport-McMoRan shares fall below the knock-in price during the life of the notes and finish below the initial share price; otherwise, par
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Initial share price: | $64.72
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Knock-in price: | $45.30, 70% of initial price of $64.72
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Exchange ratio: | 15.451
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | ABN Amro Inc.
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Agent fees: | 2.5%
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