New Issue: Natixis prices $500,000 12.25% reverse convertibles linked to Frontier Oil for Eksportfinans

By Jennifer Chiou

New York, Jan. 17 - Eksportfinans ASA priced a $500,000 issue of 12.25% annualized reverse convertible notes due April 22, 2008 linked to the common stock of Frontier Oil Corp., according to an FWP filing with the Securities and Exchange Commission.

Natixis Securities North America Inc. is the underwriter.

Interest is payable monthly

At maturity, investors will receive par unless Frontier Oil stock falls below the knock-in price, 70% of the initial price of $33.66, during the life of the notes and finishes below the initial price, in which case the payout will be in Frontier Oil stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Frontier Oil Corp. (Symbol: FTO)
Amount:	$500,000
Maturity:	April 22, 2008
Coupon:	12.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Frontier Oil stock stays at or above the knock-in price of $23.562 during the life of the notes or finishes at or above the initial price; otherwise, 29.7089 shares of Frontier Oil stock
Initial price:	$33.66
Knock-in price:	$23.562, 70% of $33.66
Pricing date:	Jan. 17
Settlement date:	Jan. 22
Underwriter:	Natixis Securities North America Inc.
Fees:	1.3625%

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