Published on 11/3/2006 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans sells $1.5 million 16% reverse convertibles linked to WCI via Deutsche
By Laura Lutz
Des Moines, Nov. 3 - Eksportfinans ASA priced $1.5 million of 16% knock-in reverse convertible securities due Nov. 6, 2007 linked to WCI Communities, Inc. stock via agent Deutsche Bank Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if WCI stock stays at or above the protection price, 50% of the initial price of $61.27, between Nov. 1, 2006 and Nov. 1, 2007, and finishes at or above the initial price. Otherwise, the payout will be in 62.383 shares of WCI stock, the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Knock-in reverse convertible securities
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Underlying stock: | WCI Communities, Inc.
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Amount: | $1.5 million
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Maturity: | Nov. 6, 2007
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Coupon: | 16%, payable quarterly
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Price: | Par
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Payout at maturity: | Par in cash if WCI stock stays at or above the knock-in price of $8.015 and finishes at or above the initial price; otherwise 62.383 shares of WCI stock
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Initial price: | $16.03
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Knock-in price: | $8.015, 50% of $16.03
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Pricing date: | Nov. 1
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Settlement date: | Nov. 6
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Agent: | Deutsche Bank Securities Inc.
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Agent's fee: | 3.5%
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