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Wachovia to price enhanced yield securities linked to Hess for Eksportfinans
By Angela McDaniels
Tacoma, Wash., June 17 - Eksportfinans ASA plans to price enhanced yield securities due Jan. 6, 2009 linked to the common stock of Hess Corp. via Wachovia Capital Markets, LLC, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay an annualized coupon of 15.75% to 16.75%, with the exact rate to be set at pricing. Interest will be payable monthly.
The payout at maturity will be par unless Hess stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Hess shares equal to par divided by the initial share price.
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