By Laura Lutz
Des Moines, May 2 - Eksportfinans ASA released full details for its $47 million issue of 11% enhanced yield securities due April 30, 2008 linked to the 20 common stocks of the Claymore YieldStream 20 in a 424B5 filing with the Securities and Exchange Commission on Wednesday.
Interest will be payable monthly.
The Claymore YieldStream 20 is a basket of stocks selected by Claymore Securities Inc. representing the industrials, information technology, health care, materials, consumer discretionary and energy sectors.
The basket consists of the common stocks of Agnico-Eagle Mines Ltd.; Bea Systems, Inc.; Coldwater Creek Inc.; F5 Networks, Inc.; Freeport-McMoRan Copper & Gold Inc.; Intuitive Surgical, Inc.; Joy Global Inc.; Lam Research Corp.; Massey Energy Co.; Monster Worldwide, Inc.; National Oilwell Varco, Inc.; Norfolk Southern Corp.; Nucor Corp.; Nvidia Corp.; Rowan Cos., Inc.; Sepracor Inc.; Sotheby's; and WellCare Health Plans, Inc. as well as the class B stock of Continental Airlines, Inc. and the class A stock of Under Armour, Inc.
For each component stock that stays above its knock-in level - 75% of its initial price - and finishes at or above its initial price, investors will receive $1.00 at maturity.
For each stock that drops below its knock-in level or closes below its initial level, investors will receive $1.00 times the performance of that stock.
The notes priced on April 30 and will settle on May 3.
On Tuesday, the notes began trading on the American Stock Exchange under the ticker symbol "EKF," according to a Tuesday news release from the American Stock Exchange.
Wachovia Capital Markets, LLC is the lead agent.
| Issuer: | Eksportfinans ASA
|
| Issue: | Enhanced yield securities
|
| Linked basket: | Claymore YieldStream 20
|
| Amount: | $47 million
|
| Maturity: | April 30, 2008
|
| Coupon: | 11%
|
| Price: | Par of $20
|
| Payout at maturity: | $1.00 for each component stock that stays above 75% of its initial level during the life of the notes or finishes above its initial price; for each component stock that drops below that level during the life of the notes or finishes below the initial level, $1.00 times the performance of the stock
|
| Knock-in level: | 75%
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Wachovia Capital Markets, LLC
|
| Agent fees: | 2.25%
|
| Listing: | Amex: EKF
|
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