New Issue: Wachovia sells $3.5 million 15% enhanced yield securities tied to Nordstrom for Eksportfinans

By Angela McDaniels

Tacoma, Wash., July 2 - Eksportfinans ASA priced $3.5 million enhanced yield securities due Jan. 6, 2009 linked to the common stock of Nordstrom, Inc. via Wachovia Capital Markets, LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes pay 7.5% for an annualized coupon of 15%. Interest is payable monthly.

The payout at maturity will be par unless Nordstrom stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Nordstrom shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Enhanced yield securities
Underlying stock:	Nordstrom, Inc. (NYSE: JWN)
Amount:	$3.5 million
Maturity:	Jan. 6, 2009
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If Nordstrom stock falls below the knock-in price during the life of the notes and the final share price is less than the initial share price, 33.0033 Nordstrom shares; otherwise, par
Initial share price:	$30.30
Knock-in price:	$21.21, 70% of initial share price
Pricing date:	June 30
Settlement date:	July 3
Underwriter:	Wachovia Capital Markets, LLC
Fees:	1.25%

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