Rabo to price 9.2% reverse convertibles linked to Hewlett-Packard

By Angela McDaniels

Seattle, May 1 - Rabo Financial Products BV plans to price an offering of 9.2% knock-in reverse convertible notes due May 30, 2008 linked to the common stock of Hewlett-Packard Co., according to a term sheet.

Interest will be payable monthly.

The payout at maturity will be par unless Hewlett-Packard stock falls by more than 15% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Hewlett-Packard shares equal to $1,000 divided by the initial share price.

The notes will price on May 24 and settle on May 30.

LaSalle will be the distributor.

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