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Wachovia to price enhanced yield securities linked to Tata Motors for Eksportfinans
By Laura Lutz
Des Moines, April 22 - Eksportfinans ASA plans to price enhanced yield securities due Nov. 4, 2008 linked to the American Depository Shares of Tata Motors Ltd., according to an FWP filing with the Securities and Exchange Commission.
Wachovia Capital Markets, LLC is the agent.
The notes will bear interest at between 9% and 10% per year, with the exact rate to be set at pricing. Interest will be payable monthly.
If Tata ADSs fall below the knock-in price - 75% of the initial price - during the life of the notes and finish below the initial price, the payout at maturity will be a number of Tata ADSs equal to par divided by the initial price.
Otherwise, the payout will be par.
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