New Issue: Eksportfinans prices $1.22 million 14.3% reverse convertibles linked to ViroPharma via Natixis

By Laura Lutz

Des Moines, Aug. 23 - Eksportfinans ASA priced a $1.215 million issue of 14.3% reverse convertible notes due Aug. 27, 2008 linked to the common stock of ViroPharma Inc., according to an FWP filing with the Securities and Exchange Commission.

Natixis Securities North America Inc. is the underwriter.

At maturity, investors will receive par unless ViroPharma stock falls below the knock-in price, 50% of the initial price of $9.70, during the life of the notes and finishes below the initial price, in which case the payout will be in ViroPharma stock, with the number of shares equal to $1,000 divided by the initial price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Amount:	$1.215 million
Underlying stock:	ViroPharma Inc. (Nasdaq: VPHM)
Maturity:	Aug. 27, 2008
Coupon:	14.3%, payable quarterly
Price:	98
Payout at maturity:	Par in cash if ViroPharma stock stays at or above the knock-in price of $4.85 or finishes at or above the initial price; otherwise, shares of ViroPharma stock equal to $1,000 divided by the initial price
Initial price:	$9.70
Knock-in price:	$4.85, 50% of $9.70
Pricing date:	Aug. 23
Settlement date:	Aug. 27
Underwriter:	Natixis Securities North America Inc.
Fees:	2.5%

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