By Laura Lutz
Des Moines, Feb. 26 - Eksportfinans ASA priced a $1.15 million issue of 25% reverse convertible notes due Feb. 27, 2009 linked to a basket consisting of the February 2008 Dogs of the Dow stocks, according to a 424B3 filing with the Securities and Exchange Commission.
Natixis Securities North America Inc. is the agent.
The basket includes Altria Group, Inc.; AT&T Inc.; Citigroup Inc.; E.I. du Pont de Nemours and Co.; General Electric Co.; General Motors Corp.; Home Depot, Inc.; JPMorgan Chase & Co.; Pfizer Inc.; and Verizon Communications Inc.
Interest is payable monthly.
If any stock falls below its knock-in price - 60% of its initial share price - during the life of the notes and any stock finishes below its initial share price, the payout at maturity will be a number of shares of the worst-performing reference stock equal to par divided by the initial share price of that stock.
Otherwise, the payout will be par.
| Issuer: | Eksportfinans ASA
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| Issue: | Reverse convertible notes
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| Underlying stocks: | Altria Group, Inc. (Symbol: MO); AT&T Inc. (Symbol: T); Citigroup Inc. (Symbol: C); E.I. du Pont de Nemours and Co. (Symbol: DD); General Electric Co. (Symbol: GE); General Motors Corp. (Symbol: GM); Home Depot, Inc. (Symbol: HD); JPMorgan Chase & Co. (Symbol: JPM); Pfizer Inc. (Symbol: PFE); and Verizon Communications Inc. (Symbol: VZ)
|
| Amount: | $1.15 million
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| Maturity: | Feb. 27, 2009
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| Coupon: | 25%, payable monthly
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| Price: | Par
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| Payout at maturity: | If any stock falls below its knock-in price during the life of the notes and any stock finishes below its initial share price, a number of shares of the worst-performing stock equal to par divided by that stock's initial share price; otherwise, par
|
| Initial share prices: | $73.60 for Altria; $34.98 for AT&T; $25.12 for Citigroup; $45.96 for DuPont; $33.55 for General Electric; $24.08 for General Motors; $27.77 for Home Depot; $43.93 for JPMorgan; $22.50 for Pfizer; $36.20 for Verizon
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| Knock-in prices: | $44.16 for Altria; $20.988 for AT&T; $15.072 for Citigroup; $27.576 for DuPont; $20.13 for General Electric; $14.448 for General Motors; $16.662 for Home Depot; $26.358 for JPMorgan; $13.50 for Pfizer; $21.72 for Verizon; 60% of initial prices
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agent: | Natixis Securities North America Inc.
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| Fees: | 3%
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