By Angela McDaniels
Tacoma, Wash., Dec. 8 - Eksportfinans ASA priced $11 million of floating-rate notes due Jan. 22, 2010 linked to the S&P Goldman Sachs Commodity Index - Total Return via underwriter Morgan Stanley & Co. Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest equals Libor minus 16 basis points and is payable quarterly.
The payout at maturity will be par of $100,000 plus triple the sum of the index return minus the Treasury bill return minus a fee of 0.3% per year. The Treasury 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 amount of $1 million, and will be called if the index falls below 85% of its initial level. In both cases, the payout will be calculated in the same way as at maturity.
| Issuer: | Eksportfinans ASA
|
| Issue: | Floating-rate notes
|
| Underlying index: | S&P Goldman Sachs Commodity Index - Total Return
|
| Amount: | $11 million
|
| Maturity: | Jan. 22, 2010
|
| Coupon: | Libor minus 16 bps, payable quarterly
|
| Price: | Par of $100,000
|
| Payout at maturity: | Par plus triple sum of index return minus T-bill return minus fee of 0.3% per year
|
| Put option: | At any time with minimum amount of $1 million; payout determined in same way as at maturity
|
| Call: | Automatically if index falls below 85% of initial level; payout determined in same way as at maturity
|
| Initial index level: | 3,731.226
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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