Published on 2/21/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $6.74 million securities linked to Schlumberger for Eksportfinans
By Jennifer Chiou
New York, Feb. 21 - Eksportfinans ASA priced $6.74 million of 10.5% auto-redeemable enhanced yield securities due Feb. 25, 2009 linked to the common stock of Schlumberger Ltd. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Schlumberger stock trades at or above its initial price at any time, the securities will be automatically called for par plus accrued interest.
If the securities are not redeemed early, the payout at maturity will be par unless Schlumberger stock falls below the knock-in level - 75% of the initial share price - during the life of the securities and finishes below the initial share price. In that case, the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Auto-redeemable enhanced yield securities
|
| Underlying stock: | Schlumberger Ltd. (NYSE: SLB)
|
| Amount: | $6,743,000
|
| Maturity: | Feb. 25, 2009
|
| Coupon: | 10.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless Schlumberger stock falls below the knock-in level - 75% of the initial share price - during the life of the securities and finishes below the initial share price. In that case, the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price
|
| Call: | Automatic at par plus accrued interest if Schlumberger stock trades at or above its initial price at any time
|
| Initial share price: | $86.72
|
| Knock-in price: | $65.04, 75% of initial share price
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 22
|
| Agent: | Wachovia Capital Markets, LLC
|
| Fees: | 2%
|
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