Published on 5/3/2007 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $1.15 million 13.75% reverse convertibles linked to Vertex for Eksportfinans
By Angela McDaniels
Seattle, May 3 - Natixis Securities North America Inc. priced a $1.15 million issue of 13.75% reverse convertible notes due May 7, 2008 linked to Vertex Pharmaceuticals Inc. for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless Vertex stock falls below its knock-in price - 80% of the initial share price - during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Vertex shares equal to $1,000 divided by its initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Vertex Pharmaceuticals Inc.
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Amount: | $1.15 million
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Maturity: | May 7, 2008
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Coupon: | 13.75%, payable quarterly
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Price: | 98
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Payout at maturity: | If Vertex stock falls below its knock-in price during the life of the notes and finishes below its initial share price, 32.3729 Vertex shares; otherwise, par
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Initial share price: | $30.89
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Knock-in price: | $16.9895, 55% of initial share price
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Pricing date: | May 3
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Settlement date: | May 7
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Agent: | Natixis Securities North America Inc.
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Agent fees: | 2%
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