New Issue: Eksportfinans prices $1 million 14% reverse convertibles linked to First BanCorp via Natixis

By Jennifer Chiou

New York, June 22 - Natixis Securities North America Inc. priced a $1 million issue of 14% annualized reverse convertible notes due Dec. 27, 2007 linked to First BanCorp for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless First BanCorp stock falls below its knock-in price - 78% of the initial share price - during the life of the notes and finishes below its initial share price, in which case the payout will be a number of First BanCorp shares equal to $1,000 divided by its initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	First BanCorp
Amount:	$1 million
Maturity:	Dec. 27, 2007
Coupon:	14% annualized, payable monthly
Price:	Par
Payout at maturity:	If First BanCorp stock falls below its knock-in price during the life of the notes and finishes below its initial share price, 82.3723 First BanCorp shares; otherwise, par
Initial share price:	$12.14
Knock-in price:	$9.469, 78% of initial share price
Pricing date:	June 22
Settlement date:	June 27
Underwriter:	Natixis Securities North America Inc.
Fees:	2%

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