Published on 11/29/2007 in the Prospect News Structured Products Daily.
New Issue: Natixis sells $270,000 36% reverse convertibles on Latin Large Caps, Apple for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Nov. 29 - Eksportfinans ASA priced $270,000 of 36% reverse convertible notes due March 3, 2008 linked to a basket containing three Latin American large cap stocks and Apple, Inc. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
In addition to Apple, the basket includes Companhia Vale do Rio Doce, Gerdau SA and Petroleo Brasileiro SA (Petrobras).
Interest is payable monthly.
The payout at maturity will be par unless any basket stock falls by more than 20% during the life of the notes and any basket stock finishes below its initial share price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | Apple Inc. (Nasdaq: AAPL), Companhia Vale Do Rio Doce (NYSE: RIO), Gerdau SA (NYSE: GGB) and Petroleo Brasileiro SA (NYSE: PBR)
|
| Amount: | $270,000
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| Maturity: | March 3, 2008
|
| Coupon: | 36%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock falls below its knock-in price during the life of the notes and any stock finishes below its initial share price, in which case a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price of that stock
|
| Initial share prices: | $174.81 for Apple, $31.20 for CVRD, $25.60 for Gerdau and $94.70 for Petrobras
|
| Knock-in prices: | 80% of initial share price; $139.848 for Apple, $24.96 for CVRD, $20.48 for Gerdau and $75.76 for Petrobras
|
| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Underwriter: | Natixis Securities North America Inc.
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| Fees: | 2.25%
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