Eksportfinans to price 21% reverse convertibles linked to natural resources basket via Natixis

By Laura Lutz

Des Moines, Sept. 28 - Eksportfinans ASA plans to price an issue of 21% reverse convertible notes due Oct. 31, 2008 linked to a basket of natural resources stocks, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the common stock of Alcoa Inc., Barrick Gold Corp., BHP Billiton Ltd., Dow Chemical Co., Occidental Petroleum Corp., Plum Creek Timber Co., Inc., Schlumberger Ltd. and Southern Copper Corp.

Interest will be payable monthly.

Payout at maturity will be par if the daily closing values of at least one of the reference stocks have stayed above the knock-in level for that share, 65% of the stock's initial price, during the life of the notes or if all of the stocks finish above their respective initial prices.

Otherwise, payout will be a number of the worst-performing shares equal to $1,000 divided by the initial price of that stock.

The notes are expected to price on Oct. 26 and settle on Oct. 31.

Natixis Securities North America Inc. will act as agent.

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