Wells plans access securities linked to S&P 500 for Eksportfinans

By Jennifer Chiou

New York, Sept. 21 - Eksportfinans ASA plans to price 0% auto callable access securities with fixed percentage buffered downside due Oct. 10, 2012 linked to the S&P 500 index via Wells Fargo Securities, LLC, according to a 424B5 filing with the Securities and Exchange Commission.

The securities will be automatically called in whole if the closing index level on any of the call dates is greater than or equal to the initial level. The call premium will be 8% to 10% if the securities are called on Oct. 10, 2011, 12% to 15% if the securities are called on April 10, 2012 and 16% to 20% if the securities are called on Oct. 2, 2012.

If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial level. Otherwise, investors will be exposed to any decline beyond the buffer level.

The securities will price in September and settle in October.

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