New Issue: Natixis prices $575,000 19% reverse convertibles tied to Freeport-McMoRan for Eksportfinans

By Angela McDaniels

Tacoma, Wash., May 29 - Eksportfinans ASA priced $575,000 of reverse convertible notes due Sept. 2, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold Inc. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.

The three-month notes will pay 4.75% for an annualized coupon of 19%. Interest is payable monthly.

The payout at maturity will be par unless Freeport-McMoRan stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$575,000
Maturity:	Sept. 2, 2008
Coupon:	19%, payable monthly
Price:	Par
Payout at maturity:	If Freeport-McMoRan stock falls below the knock-in price during the life of the notes and the final share price is less than the initial share price, 8.397 Freeport-McMoRan shares; otherwise, par
Initial share price:	$119.09
Knock-in price:	$89.318, 75% of initial price
Pricing date:	May 23
Settlement date:	May 30
Underwriter:	Natixis Securities North American Inc.
Fees:	1.75%

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