By Angela McDaniels
Tacoma, Wash., June 9 - Eksportfinans ASA priced $65 million of 10% reverse exchangeable notes due June 13, 2009 linked to the common stock of Apple Inc. via Lehman Brothers Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes priced at par of $188.34, equal to the price of Apple stock on the pricing date.
If the final share price is greater than 121.7% of the initial share price, the payout at maturity will be par plus 0.65% for every 1% advance beyond 21.7%.
If the final share price is less than 80% of the initial share price, the payout will be 69.568% of par.
Otherwise, the payout will be the lesser of par and 86.96% of the final share price.
Eksportfinans may elect to pay shares instead of cash.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $64,999,901
|
| Maturity: | June 13, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par of $188.34
|
| Payout at maturity: | Par plus 0.65% for every 1% increase in final share price beyond upper strike price; 69.568% of par if final share price is less than lower strike price; otherwise, lesser of par and 86.96% of final share price
|
| Initial share price: | $188.34
|
| Lower strike price: | $150.6720, 80% of initial price
|
| Upper strike price: | $229.2098, 121.70% of initial price
|
| Pricing date: | June 5
|
| Settlement date: | June 12
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | None
|
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