New Issue: Eksportfinans prices $1.03 million 12.6% reverse convertibles linked to Force Protection

By Susanna Moon

Chicago, Sept. 21 - Eksportfinans ASA priced a $1.03 million issue of 12.6% reverse convertible notes due March 26, 2008 linked Force Protection, Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless the stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Force Protection shares equal to $1,000 divided by the initial share price.

Natixis Securities North America Inc. is the agent.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Force Protection, Inc. (Nasdaq: FRPT)
Amount:	$1.03 million
Maturity:	March 26, 2008
Coupon:	12.6%, payable quarterly
Price:	Par
Payout at maturity:	If the stock falls by more than 50% during the life of the notes and finishes below the initial share price, a number of shares equal to $1,000 divided by the initial price; otherwise, par in cash
Initial share price:	$17.24
Knock-in price:	$8.62, or 50% of initial share price
Pricing date:	Sept. 21
Settlement date:	Sept. 26
Agent:	Natixis Securities North America Inc.
Fees:	2.2%

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