By Laura Lutz
Des Moines, Dec. 3 - Eksportfinans ASA priced a $1.5 million issue of 22.1% reverse convertible notes due June 5, 2008 linked to the common stock of First BanCorp, according to a 424B3 filing with the Securities and Exchange Commission.
Natixis Securities North America Inc. is the underwriter.
Interest is payable monthly.
If First BanCorp stock falls below the knock-in price, 70% of the initial price of $6.54, during the life of the notes and finishes below the initial price, the payout will be a number of First BanCorp shares equal to par divided by the initial price.
Otherwise, the payout will be par.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | First BanCorp (NYSE: FBP)
|
| Amount: | $1.5 million
|
| Maturity: | June 5, 2008
|
| Coupon: | 22.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if First BanCorp stock stays at or above the knock-in price of $4.578 during the life of the notes or finishes at or above the initial price; otherwise, shares of First BanCorp stock equal to $1,000 divided by the initial price
|
| Initial share price: | $6.54
|
| Knock-in price: | $4.578, 70% of $6.54
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 5
|
| Underwriter: | Natixis Securities North America Inc.
|
| Fees: | 2%
|
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