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Wachovia plans 11%-12% enhanced yield securities linked to Alcoa for Eksportfinans
By Susanna Moon
Chicago, April 3 - Eksportfinans ASA plans to price 11% to 12% enhanced yield securities with contingent downside protection due Oct. 20, 2008 linked to the common stock of the Alcoa Inc. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par in cash unless Alcoa stock falls to or below its knock-in level - 75% of its initial price - during the life of the notes and finishes below its initial price, in which case investors will receive a number of Alcoa shares equal to $1,000 divided by the initial price.
The notes are expected to price and settle sometime in 2008.
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