Published on 11/18/2009 in the Prospect News Structured Products Daily.
New Issue: Wells sells $1.54 million 12.5% enhanced yield notes on Peabody Energy for Eksportfinans
By Jennifer Chiou
New York, Nov. 18 - Eksportfinans ASA priced $1.54 million of 12.5% annualized enhanced yield securities with contingent downside protection due May 20, 2010 linked to the common stock of Peabody Energy Corp., according to a 424B3 filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
Interest is payable monthly.
The payout at maturity will be par unless Peabody Energy stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Peabody Energy shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities with contingent downside protection
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Underlying stock: | Peabody Energy Corp. (NYSE: BTU)
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Amount: | $1,544,000
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Maturity: | May 20, 2010
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 21.7628 Peabody Energy shares; otherwise, par
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Initial share price: | $45.95
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Knock-in price: | $32.165, 70% of initial price
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Pricing date: | Nov. 16
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Settlement date: | Nov. 19
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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