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Wachovia to price 10.5%-11.5% auto redeemable notes linked to Schlumberger for Eksportfinans
By Susanna Moon
Chicago, Sept. 2 - Eksportfinans ASA plans to price auto redeemable enhanced yield securities due Sept. 18, 2009 linked to the common stock of Schlumberger Ltd. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 10.5% to 11.5%, payable monthly, with the exact rate to be set at pricing.
The notes are callable any time after six months from issue at par if the price of Schlumberger stock is at least its initial price.
If the notes are not called, payout at maturity will be par unless Schlumberger shares fall by more than 25% during the life of the notes and finish below the initial share price, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.
Pricing and settlement dates were not disclosed in the filing.
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