New Issue: Eksportfinans sells $1 million 11% reverse convertibles linked to Rowan via Natixis

By Jennifer Chiou

New York, Sept. 20 - Eksportfinans ASA priced $1 million of 11% reverse convertible notes due Sept. 25, 2008 linked to Rowan Cos., Inc. stock via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly.

At maturity, the notes pay par in cash if Rowan stock never closes below the knock-in level of $26.292 or if it finishes at or above the initial price. Otherwise, the payout is shares of Rowan stock equal to $1,000 divided by the initial price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Rowan Cos., Inc. (Symbol: RDC)
Amount:	$1 million
Maturity:	Sept. 25, 2008
Coupon:	11%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Rowan stock never closes below the knock-in level of $26.292 or if it finishes at or above the initial price; otherwise, Rowan stock equal to $1,000 divided by the initial price
Initial price:	$37.56
Knock-in level:	$26.292, 70% of initial price
Pricing date:	Sept. 20
Settlement date:	Sept. 25
Underwriter:	Natixis Securities North America Inc.
Fee:	2.2%

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