Published on 2/25/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis sells $1.23 million 26.1% reverse convertibles linked to CIT for Eksportfinans
By E. Janene Geiss
Philadelphia, Feb. 25 - Eksportfinans ASA priced $1,225,000 of 26.1% reverse convertible notes due May 27, 2008 linked to the common stock of CIT Group Inc. via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless CIT stock falls by more than 55% during the life of the notes and the stock finishes below the initial price, in which case the payout will be a number of CIT shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | CIT Group Inc. (Symbol: CIT)
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Amount: | $1,225,000
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Maturity: | May 27, 2008
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Coupon: | 26.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless CIT stock falls by more than 55% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of CIT shares equal to $1,000 divided by the initial share price
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Initial share price: | $24.73
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Knock-in price: | $13.602, 55% of initial share price
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Pricing date: | Feb. 22
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Settlement date: | Feb. 27
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 1.8%
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