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Merrill Lynch plans to price Stars linked to S&P 500 for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Aug. 16 - Eksportfinans ASA plans to price one-year 0% Strategic Accelerated Redemption Securities linked to the S&P 500 index through Merrill Lynch, Pierce, Fenner & Smith Inc., according to an FWP filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on any of three observation dates, the notes will be called at par of $10 plus a premium of 7% to 11% per year that will be set at pricing. The observation dates are expected to fall in February 2011, May 2011 and August 2011.
If the notes are not called, the payout at maturity will be par if the final index level is greater than or equal to the threshold level, 90% of the initial level. Investors will be exposed to any decline below the threshold level.
The notes will price in August or September.
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