Published on 3/7/2008 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $608,000 14% reverse convertibles linked to General Motors via Natixis
By Laura Lutz
Des Moines, March 7 - Eksportfinans ASA priced $608,000 of 14% reverse convertible notes due Jan 26, 2009 linked to the common stock of General Motors Corp. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If General Motors stock falls below the knock-in price - 50% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of General Motors shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | General Motors Corp. (Symbol: GM)
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Amount: | $608,000
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Maturity: | March 10, 2009
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Coupon: | 14%
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Price: | Par
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Payout at maturity: | If stock falls below knock-in price and finishes below initial price, General Motors shares equal to par divided by initial price; otherwise, par
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Initial price: | $22.97
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Knock-in price: | $11.485, 50% of initial price
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Pricing date: | March 5
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Settlement date: | March 10
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 3.25%
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