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Natixis plans 13.1% reverse convertibles linked to SPDR S&P Homebuilders for Eksportfinans
By Susanna Moon
Chicago, April 30 - Eksportfinans ASA plans to price 13.1% annualized reverse convertible notes due Nov. 7, 2008 linked to shares of the SPDR S&P Homebuilders exchange-traded fund via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the fund shares fall below the knock-in price - 65% of the initial share price - during the life of the notes and finish below the initial price, the payout at maturity will be a number of fund shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on May 2 and settle on May 7.
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