Natixis to price 27.25% reverse convertibles linked to Flamel for Eksportfinans

By Angela McDaniels

Seattle, July 2 - Natixis Securities North America Inc. plans to price an offering of reverse convertible notes due Oct. 30, 2007 linked to the common stock of Flamel Technologies, SA for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 6.8125% for an annualized rate of 27.25%. Interest will be payable monthly.

The payout at maturity will be par unless Flamel stock closes below the knock-in level - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Flamel shares equal to $1,000 divided by the initial share price.

The notes will price on July 24 and settle on July 27.

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