Published on 10/16/2007 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $158,000 17.75% reverse convertibles linked to Elan via Natixis
By Laura Lutz
Des Moines, Oct. 16 - Eksportfinans ASA priced a $158,000 issue of 17.75% reverse convertible notes due April 17, 2008 linked to the common stock of Elan Corp. plc, according to a 424B3 filing with the Securities and Exchange Commission.
Natixis Securities North America Inc. is the underwriter.
Interest is payable monthly.
At maturity, investors will receive par unless Elan stock falls below the knock-in price, 65% of the initial price of $22.35, during the life of the notes and finishes below the initial price, in which case the payout will be in Elan stock, with the number of 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: | Elan Corp. plc (Symbol: ELN)
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Amount: | $158,000
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Maturity: | April 17, 2008
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Coupon: | 17.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Elan stock stays at or above the knock-in price of $14.528 or finishes at or above the initial price; otherwise, shares of Elan stock equal to $1,000 divided by the initial price
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Initial price: | $22.35
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Knock-in price: | $14.528, 65% of $22.35
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Pricing date: | Oct. 12
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Settlement date: | Oct. 17
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 2.5%
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