Natixis to sell 15% reverse convertibles linked to worst performing of two auto stocks for Eksportfinans

By E. Janene Geiss

Philadelphia, Nov. 5 - Natixis Securities North America Inc. plans to sell 15% reverse convertible notes due Dec. 1, 2008 linked to the worst performing stock out of Ford Motor Co. and General Motors Corp. for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

At maturity, investors will receive par if either stock closes below its knock-in price, 60% of the initial price, during the life of the notes or if the each stock finishes at or above its initial price.

Otherwise, the payout will be a number of the worst performing shares equal to par divided by the initial price of that stock.

The notes are expected to price Nov. 27 and settle Nov. 30.

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