By E. Janene Geiss
Philadelphia, Oct. 6 - Merrill Lynch & Co. priced a $20 million issue of commodity index-linked notes due Nov. 22, 2010 linked to the UBS Commodity Index Total Return 2 Month Forward for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay interest at Libor minus 25 basis points, reset quarterly and payable at maturity.
In addition to the interest payment, the payout at maturity will be par plus the index return minus the Treasury bill yield minus a fee of 0.5% per year.
The notes are putable at any time by investors and will be called if the index closes at 15% or more below its initial level. The payout will be calculated in the same way as at maturity.
Issuer: | Eksportfinans ASA
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Issue: | Commodity index-linked notes
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Underlying index: | UBS Commodity Index Total Return 2 Month Forward
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Amount: | $20 million
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Maturity: | Nov. 22, 2010
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Coupon: | Libor minus 25 bps, reset quarterly and payable at maturity
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Price: | Par
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Payout at maturity: | Par plus the index return minus the T-bill yield minus a fee of 0.5% per year
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Call: | Automatically if index closes at 85% of its initial level or below; payout calculated in same way as at maturity
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Initial level: | 506.311
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Pricing date: | Oct. 2
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Settlement date: | Oct. 9
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Underwriter: | Merrill Lynch & Co.
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Fees: | None
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