New Issue: IXIS prices $1.25 million of 11.75% reverse convertibles linked to Suntech for Eksportfinans

By Laura Lutz

Des Moines, Nov. 13 - IXIS Securities North America Inc. priced $1.25 million of 11.75% knock-in reverse convertible securities due Nov. 14, 2007 linked to Suntech Power Holdings Co., Ltd. stock for Eksportfinans ASA, according to a 424B3 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Suntech stock stays at or above the protection price, 50% of the initial price of $26.00, between Nov. 9, 2006 and Nov. 9, 2007, and finishes at or above the initial price. Otherwise, the payout will be in 38.4615 shares of Suntech stock, the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Knock-in reverse convertible securities
Underlying stock:	Suntech Power Holdings Co., Ltd.
Amount:	$1.25 million
Maturity:	Nov. 14, 2007
Coupon:	11.75%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Suntech stock stays at or above the knock-in price of $13.00 and finishes at or above the initial price; otherwise 38.4615 shares of Suntech stock
Initial price:	$26.00
Knock-in price:	$13.00, 50% of $26.00
Pricing date:	Nov. 9
Settlement date:	Nov. 14
Agent:	IXIS Securities North America Inc.
Agent fee:	4.25%

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