By Angela McDaniels
Tacoma, Wash., Oct. 22 - Eksportfinans ASA priced $11.7 million of floating-rate notes due Nov. 19, 2010 linked to the Dow Jones - UBS Commodity Index Total Return via underwriter Morgan Stanley & Co. Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest equals Libor minus 25 basis points and is payable quarterly.
The notes are putable at any time, subject to a minimum principal amount of $1 million, and they will be automatically called if the index declines by 15% or more.
The payout at maturity or upon redemption will be par of $10,000 plus triple the sum of the index return minus a fee of 0.2% per year minus the Tbill amount.
The Tbill amount will be the sum of the 91-day weekly auction high rates for U.S. Treasury bills for each day during the life of the notes.
| Issuer: | Eksportfinans ASA
|
| Issue: | Floating-rate notes
|
| Underlying index: | Dow Jones - UBS Commodity Index Total Return
|
| Amount: | $11.7 million
|
| Maturity: | Nov. 19, 2010
|
| Coupon: | Libor minus 25 bps, payable quarterly
|
| Price: | Par of $10,000
|
| Payout at maturity: | Par plus triple the sum of the index return minus a fee of 0.2% per year minus the Tbill amount
|
| Put option: | At any time subject to minimum of $1 million notes; payout determined in same way as at maturity
|
| Call: | Automatically if index declines by 15% or more; payout determined in same way as at maturity
|
| Initial index level: | 272.535
|
| Pricing date: | Oct. 21
|
| Settlement date: | Oct. 28
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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