New Issue: Natixis prices $860,000 22.4% reverse convertibles linked to DryShips for Eksportfinans

By Susanna Moon

Chicago, March 28 - Eksportfinans ASA priced $860,000 of 22.4% annualized reverse convertible notes due July 1, 2008 linked to the common stock of DryShips, Inc. via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If DryShips stock falls below the knock-in price - 65% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of DryShips shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	DryShips, Inc. (Symbol: M)
Amount:	$860,000
Maturity:	July 1, 2008
Coupon:	22.4%, payable monthly
Price:	Par
Payout at maturity:	If stock falls below knock-in price during life of notes and finishes below initial price, 15.647 DryShips shares; otherwise, par
Initial price:	$63.91
Knock-in price:	$41.542, or 65% of initial price
Pricing date:	March 26
Settlement date:	March 31
Underwriter:	Natixis Securities North America Inc.
Fees:	2%

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