By Angela McDaniels
Seattle, May 30 - ABN Amro Bank NV priced a $1.9 million issue of Knock-in Reverse Exchangeable Securities due Aug. 31, 2007 linked to the common stock of W.R. Grace & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 5% for an annualized rate of 20%. Interest is payable monthly.
The payout at maturity will be par unless W.R. Grace 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 W.R. Grace 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: | W.R. Grace & Co.
|
| Amount: | $1.9 million
|
| Maturity: | Aug. 31, 2007
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If W.R. Grace stock closes below the knock-in level during the life of the notes and finishes below the initial share price, 39.093 W.R. Grace shares; otherwise, par
|
| Initial share price: | $25.58
|
| Knock-in level: | $20.464, 80% of initial share price
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Agent: | ABN Amro Inc.
|
| Fees: | 2.125%
|
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