New Issue: Eksportfinans prices $50,000 12.5% reverse convertibles linked to Chicago Bridge via Natixis

By Laura Lutz

Des Moines, Aug. 28 - Eksportfinans ASA priced a $50,000 issue of 12.5% reverse convertible notes due Feb. 29, 2008 linked to the common stock of Chicago Bridge & Iron Co. NV, 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 Chicago Bridge & Iron stock falls below the knock-in price, 80% of the initial price of $38.18, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Chicago Bridge & Iron shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Amount:	$50,000
Underlying stock:	Chicago Bridge & Iron Co. NV (NYSE: CBI)
Maturity:	Feb. 29, 2008
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Chicago Bridge & Iron stock stays at or above the knock-in price of $30.544 during the life of the notes or finishes at or above the initial price; otherwise, shares of Chicago Bridge & Iron stock equal to $1,000 divided by the initial price
Initial price:	$38.18
Knock-in price:	$30.544, 80% of $38.18
Pricing date:	Aug. 24
Settlement date:	Aug. 29
Underwriter:	Natixis Securities North America Inc.
Fees:	2.5%

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