By Jennifer Chiou
New York, Oct. 8 - Eksportfinans ASA priced $20 million of floating-rate notes due Aug. 14, 2009 linked to the Dow Jones - AIG Commodity Index - Total Return via underwriter Morgan Stanley & Co. Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable quarterly and equals Libor minus 25 basis points.
The payout at maturity will be par plus 300% of the sum of (a) the index return minus (b) the T-Bill return minus (c) a fee of 0.15% per year. The T-Bill return will be the sum of the 91-day weekly auction high rate for U.S. Treasury bills for each day during the life of the notes.
The notes are putable at any time, subject to a minimum of $1 million principal amount of notes, and will be called if the index declines by more than 10%. In both cases, the payout will be determined in the same way as the payout at maturity.
| Issuer: | Eksportfinans ASA
|
| Issue: | Notes
|
| Underlying index: | Dow Jones - AIG Commodity Index - Total Return
|
| Amount: | $20 million
|
| Maturity: | Aug. 14, 2009
|
| Coupon: | Libor minus 25 bps, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of the sum of (a) the index return minus (b) the T-Bill return minus (c) a fee of 0.15% per year
|
| Put option: | At any time with a minimum of $1 million notes; payout determined in same way as at maturity
|
| Call: | Automatically if index declines by more than 10%; payout determined in same way as at maturity
|
| Initial index level: | 304.442
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 15
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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