New Issue: Natixis prices $700,000 11.25% reverse convertibles linked to JPMorgan for Eksportfinans

By Susanna Moon

Chicago, May 1 - Eksportfinans ASA priced $700,000 of 11.25% annualized reverse convertible notes due Nov. 3, 2008 linked to the common stock of JPMorgan Chase & Co. via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless JPMorgan stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of JPMorgan shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	JPMorgan Chase & Co. (NYSE: JPM)
Amount:	$700,000
Maturity:	Nov. 3, 2008
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	If JPMorgan stock closes below the knock-in price during the life of the notes and the final share price is less than the initial share price, 21.2404 JPMorgan shares; otherwise, par
Initial share price:	$47.08
Knock-in price:	$37.664, 80% of initial share price
Pricing date:	April 29
Settlement date:	May 2
Agent:	Natixis Securities North America Inc.
Fees:	3%

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