New Issue: Natixis prices $536,000 of 27.25% reverse convertibles linked to Flamel for Eksportfinans

By Laura Lutz

Des Moines, July 26 - Eksportfinans ASA plans to price a $536,000 issue of 27.25% reverse convertible notes due Oct. 30, 2007 linked to the common stock of Flamel Technologies SA, according to a 424B3 filing with the Securities and Exchange Commission.

Natixis Securities North America Inc. will be the underwriter.

At maturity, investors will receive par unless Flamel stock falls below the knock-in price, 75% of the initial price of $20.25, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Flamel stock, with the number of share equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Amount:	$536,000
Underlying stock:	Flamel Technologies SA
Maturity:	Oct. 30, 2007
Coupon:	27.25%
Price:	Par
Payout at maturity:	Par in cash if Flamel stock stays at or above the knock-in price of $15.188 and finishes at or above the initial price; otherwise, shares of Flamel stock equal to $1,000 divided by the initial price
Initial price:	$20.25
Knock-in price:	$15.188, 75% of $20.25
Pricing date:	July 24
Settlement date:	July 27
Agent:	Natixis Securities North America Inc.
Fees:	2%

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