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Natixis to price 20.5% reverse convertibles linked to GM for Eksportfinans
By Angela McDaniels
Tacoma, Wash., June 25 - Eksportfinans ASA plans to price reverse convertible notes due Oct. 10, 2008 linked to the common stock of General Motors Corp. via underwriter Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 5.125% for an annualized coupon of 20.5%. Interest will be payable monthly.
The payout at maturity will be par unless GM stock falls by more than 50% during the life of the notes and finishes below the initial price, in which case the payout will be a number of GM shares equal to par divided by the initial price.
The notes will price on July 7 and settle on July 10.
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