Published on 1/21/2010 in the Prospect News Structured Products Daily.
New Issue: Wells prices $2.98 million 12.75% enhanced yield securities on Arch Coal for Eksport
By Jennifer Chiou
New York, Jan. 21 - Eksportfinans ASA priced $2.98 million of 12.75% annualized enhanced yield securities due July 21, 2010 linked to the common stock of Arch Coal, Inc. via 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 Arch Coal stock falls 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 Arch Coal 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: | Arch Coal, Inc. (NYSE: ACI)
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Amount: | $2,984,000
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Maturity: | July 21, 2010
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Coupon: | 12.75%, payable monthly
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Price: | Par
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Payout at maturity: | If Arch Coal stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 36.6435 Arch Coal shares; otherwise, par
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Initial share price: | $27.29
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Knock-in price: | $20.468, 75% of initial price
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Pricing date: | Jan. 19
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Settlement date: | Jan. 22
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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Cusip: | 282645TS9
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