Merrill Lynch plans six-month Stars tied to S&P 500 for Eksportfinans

By Jennifer Chiou

New York, July 30 - Eksportfinans ASA plans to price 0% Strategic Accelerated Redemption Securities due February 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

If the index closes at or above its initial level on the observation date, the notes will be called at par of $10 plus an annualized premium of 14% to 22%. The observation date will fall in February 2011.

If the notes are not called, the payout at maturity will be par plus the index return, with exposure to any losses.

The notes will price in August and settle in September.

The exact deal terms will be set at pricing.

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