Goldman Sachs to price auto-callable notes linked to S&P 500, Topix for Eksportfinans

By Angela McDaniels

Seattle, Sept. 17 - Eksportfinans ASA plans to price an offering of 0% three-year auto-callable notes linked to the S&P 500 and Topix indexes via Goldman, Sachs & Co., according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be called at increasing premiums if each index closes at or above its initial level on a valuation date. The redemption amount will be par plus 15% to 20% if the notes are called on the first valuation date, par plus 30% to 40% if called on the second valuation date and par plus 45% to 60% if called on the third valuation date.

The exact percentages will be determined at pricing. The valuation dates are expected to fall on the first anniversary of the issue date, the second anniversary of the issue and 10 days before maturity.

If the notes are not called, the payout at maturity will be par if each index finishes at or above its buffer level - 75% of its initial level. If one or both indexes finish below the buffer level, investors will lose 1.333% for each 1% decline in the lesser-performing index beyond 75%.

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