New Issue: Eksportfinans prices $292,000 20.2% reverse convertibles linked to Echelon via Natixis

By Laura Lutz

Des Moines, Oct. 16 - Eksportfinans ASA priced a $292,000 issue of 20.2% reverse convertible notes due Jan. 17, 2008 linked to the common stock of Echelon Corp., according to a 424B3 filing with the Securities and Exchange Commission.

Natixis Securities North America Inc. is the underwriter.

Interest is payable monthly.

At maturity, investors will receive par unless Echelon stock falls below the knock-in price, 70% of the initial price of $28.60, during the life of the notes and finishes below the initial price, in which case the payout will be in Echelon stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Echelon Corp. (Symbol: ELON)
Amount:	$292,000
Maturity:	Jan. 17, 2008
Coupon:	20.2%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Echelon stock stays at or above the knock-in price of $20.02 or finishes at or above the initial price; otherwise, shares of Echelon stock equal to $1,000 divided by the initial price
Initial price:	$28.60
Knock-in price:	$20.02, 70% of $28.60
Pricing date:	Oct. 12
Settlement date:	Oct. 17
Underwriter:	Natixis Securities North America Inc.
Fees:	2.25%

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