By Susanna Moon
Chicago, Nov. 9 - Eksportfinans ASA priced $9.24 million of 14% annualized reverse convertible notes due May 12, 2010 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the agent.
Interest will be payable monthly.
If Valero stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Valero shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
| Issuer: | Eksportfinans ASA
|
| Issue: | Enhanced yield securities
|
| Underlying stock: | Valero Energy Corp. (NYSE: VLO)
|
| Amount: | $9,235,000
|
| Maturity: | May 12, 2010
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Valero Energy stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 57.8369 Valero Energy shares; otherwise, par
|
| Initial share price: | $17.29
|
| Knock-in price: | $12.9675, 75% of initial price
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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