Banc of America to price Libor range accrual notes for Eksportfinans

By Angela McDaniels

Tacoma, Wash., March 31 - Eksportfinans ASA plans to price Libor range accrual notes due April 25, 2018 via underwriter Banc of America Securities LLC, according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be payable quarterly and will equal a base rate multiplied by the proportion of days on which Libor is at least zero and not more than the upper barrier.

The base rate is expected to be at least 7% per year and will be determined at pricing. The upper barrier will be 3.5% for the first year and will increase by 0.5% each year.

The notes will be callable at par plus accrued interest on any interest payment date.

If the notes are not called, the payout at maturity will be par plus accrued interest.

The notes are expected to settle on April 25.

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