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Natixis to price 24% reverse convertibles linked to D.R. Horton for Eksportfinans
By Angela McDaniels
Tacoma, Wash., June 4 - Eksportfinans ASA plans to price reverse convertible notes due Dec. 30, 2008 linked to the common stock of D.R. Horton, Inc. via underwriter Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 12% for an annualized coupon of 24%. Interest will be payable monthly.
The payout at maturity will be par unless D.R. Horton stock falls below the knock-in level - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of D.R. Horton shares equal to $1,000 divided by the initial share price.
The notes will price on June 25 and settle on June 30.
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