Banc of America to price Libor range accrual notes for Eksportfinans

By Laura Lutz

Des Moines, Nov. 15 - Eksportfinans ASA plans to price an issue of range accrual notes due Nov. 30, 2017 linked to the Libor via agent Banc of America Securities LLC, according to a 424B3 filing with the Securities and Exchange Commission.

For each three-month interest period, interest will accrue at a base rate times the proportion of days that the Libor is at least 0% and below an upper barrier.

The base rate is 7% for the first three years, 8% for the two years after that and 9% thereafter. The upper barrier will be 6% for the first three years and 7% after that.

The upper barrier will be 6% for the first three years, then a rate to be determined at pricing until year five, and 7% from five years onwards.

The notes are callable at par plus accrued interest on any interest payment date.

If the notes are not called, the payout at maturity will be par plus accrued interest, if any.

The notes are expected to price on Nov. 27 and settle on Nov. 30.

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