New Issue: Natixis sells $2.54 million 34.05% reverse convertibles linked to Fannie Mae for Eksportfinans

By Susanna Moon

Chicago, Dec. 27 - Eksportfinans ASA priced $2.54 million of 34.05% reverse convertible notes due March 27, 2008 linked to the common stock of Fannie Mae via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Fannie Mae stock falls by more than 40% during the life of the notes and the stock finishes below the initial price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Fannie Mae (NYSE: FNM)
Amount:	$2,541,000
Maturity:	March 27, 2008
Coupon:	34.05%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Fannie Mae stock falls by more than 40% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price
Initial share price:	$36.99
Knock-in price:	$22.194, or 60% of initial share price
Pricing date:	Dec. 21
Settlement date:	Dec. 27
Underwriter:	Natixis Securities North America Inc.
Fees:	2%

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