Published on 10/16/2007 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $708,000 of 35.5% reverse convertibles linked to Savient via Natixis
By Laura Lutz
Des Moines, Oct. 16 - Eksportfinans ASA priced a $708,000 issue of 35.5% reverse convertible notes due April 17, 2008 linked to the common stock of Savient Pharmaceuticals, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Natixis Securities North America Inc. is the underwriter.
Interest will be payable monthly.
At maturity, investors will receive par unless Savient stock falls below the knock-in price, 50% of the initial price of $15.27, during the life of the notes and finishes below the initial price. Otherwise, the payout will be in Savient stock, with the number of share equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Amount: | $708,000
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Underlying stock: | Savient Pharmaceuticals, Inc. (Symbol: SVNT)
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Maturity: | April 17, 2008
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Coupon: | 35.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Savient stock stays at or above the knock-in price of $7.635 or finishes at or above the initial price; otherwise, shares of Savient stock equal to $1,000 divided by the initial price
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Initial price: | $15.27
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Knock-in price: | $7.635, 50% of $15.27
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Pricing date: | Oct. 12
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Settlement date: | Oct. 17
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Agent: | Natixis Securities North America Inc.
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Fees: | 2.5%
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