Published on 10/1/2009 in the Prospect News Structured Products Daily.
New Issue: Wells prices $6.4 million 17.5% enhanced yield notes on Chesapeake Energy for Eksportfinans
By Jennifer Chiou
New York, Oct. 1 - Eksportfinans ASA priced $6.4 million of 17.5% annualized enhanced yield securities due April 5, 2010 linked to the common stock of Chesapeake Energy Corp. via underwriter Wells Fargo Securities, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Chesapeake Energy stock declines by 25% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Chesapeake Energy shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities
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Underlying stock: | Chesapeake Energy Corp. (NYSE: CHK)
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Amount: | $6,395,000
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Maturity: | April 5, 2010
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | If Chesapeake Energy stock falls to or below knock-in price during life of notes and finishes below initial share price, 34.9773 Chesapeake Energy shares; otherwise, par
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Initial share price: | $28.59
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Knock-in price: | $21.443, 75% of initial price
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Pricing date: | Sept. 29
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Settlement date: | Oct. 2
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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