New Issue: Lehman prices $35 million 7.13% reverse exchangeables linked to Williams for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Aug. 27 - Eksportfinans ASA priced $35 million of reverse exchangeable notes due March 2, 2009 linked to the common stock of Williams Cos., Inc. via Lehman Brothers Inc., according to a 424B3 filing with the Securities and Exchange Commission.

The six-month notes will pay 3.565% for an annualized coupon of 7.13%. Interest is payable monthly.

The notes priced at par of $30.282.

At maturity investors will receive the value of one Williams share, payable in cash or shares at Eksportfinans' option. The payout will be capped at $36.3384 per $30.282 principal amount.

Issuer:	Eksportfinans ASA
Issue:	Reverse exchangeable notes
Underlying stock:	Williams Cos., Inc. (NYSE: WMB)
Amount:	$35,000,087.01
Maturity:	March 2, 2009
Coupon:	7.13%, payable monthly
Price:	Par of $30.282
Payout at maturity:	The value of one Williams share, not to exceed the equity cap price; payable in cash or shares at Eksportfinans' option
Initial share price:	$30.282
Equity cap price:	$36.3384, 120% of initial share price
Pricing date:	Aug. 25
Settlement date:	Sept. 2
Underwriter:	Lehman Brothers Inc.
Fees:	None

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