New Issue: Natixis sells $789,000 13.5% reverse convertibles linked to Corning for Eksportfinans

By Susanna Moon

Chicago, Dec. 27 - Eksportfinans ASA priced $789,000 of 13.5% reverse convertible notes due Dec. 29, 2008 linked to the common stock of Corning Inc. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Corning stock falls by more than 25% during the life of the notes and the stock finishes below the initial price, in which case the payout will be a number of Corning shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Corning Inc. (NYSE: GLW)
Amount:	$789,000
Maturity:	Dec. 29, 2008
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Corning stock falls by more than 25% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of Corning shares equal to $1,000 divided by the initial share price
Initial share price:	$24.03
Knock-in price:	$18.023, or 75% of initial share price
Pricing date:	Dec. 21
Settlement date:	Dec. 27
Underwriter:	Natixis Securities North America Inc.
Fees:	2.25

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