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Eksportfinans plans issue of 13.25% Knock-in Reverse Convertibles linked to Pioneer Drilling
By Jennifer Chiou
New York, July 25 - Eksportfinans ASA said it plans to issue one-year 13.25% Knock-in Reverse Convertible Securities linked to Pioneer Drilling Co. stock, according to a 424B3 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
Payout at maturity will be par in cash if Pioneer Drilling stock does not trade at or below the knock-in level, which will be 65% of the initial stock price on the pricing date.
If the stock does trade below the knock-in level, payout at maturity will be par in cash if the stock ends at or above its initial price or a number of Pioneer Drilling shares equal to par divided by the initial stock price if the stock finishes below its initial price.
IXIS Securities North America Inc. will be the agent for the offering.
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