By Laura Lutz
Des Moines, Feb. 27 - Banc of America Securities LLC priced $150,000 more of CMS range accrual notes due Feb. 28, 2018 for issuer Eksportfinans ASA, according to a 424B3 filing with the Securities and Exchange Commission.
This tranche brings the offering to $7.15 million. The original $7 million of notes priced on Feb. 20.
Both tranches priced at par.
Interest is payable quarterly. If the 10-year Constant Maturity Swap (CMS) rate is within the accrual range on a quarterly fixing date, interest will accrue at 8.1% per year for that interest period. If the 10-year CMS rate is outside the accrual range, no interest will accrue for that period.
The accrual range is 0% to 6%, inclusive.
The notes are callable in whole by the issuer on any interest payment date at par plus accrued interest.
| Issuer: | Eksportfinans ASA
|
| Issue: | CMS range accrual notes
|
| Amount: | $7.15 million, upsized from $7 million
|
| Maturity: | Feb. 28, 2018
|
| Coupon: | 8.1% per year for each quarterly fixing date on which the 10-year Constant Maturity Swap rate is within the accrual range; payable quarterly
|
| Accrual range: | 0% to 6%, inclusive
|
| Price: | Par of $10,000
|
| Payout at maturity: | Par
|
| Callable: | On any interest payment date in whole at par plus accrued interest
|
| Pricing date: | Feb. 20 for $7 million, Feb. 25 for $150,000
|
| Settlement date: | Feb. 28
|
| Underwriter: | Banc of America Securities LLC
|
| Fees: | 1.5%
|
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