By Angela McDaniels
Tacoma, Wash., Feb. 19 - Eksportfinans ASA priced $50 million of floating-rate notes due Jan. 27, 2010 linked to the Dow Jones - AIG Commodity Index Total Return via Merrill Lynch & Co., according to a 424B3 filing with the Securities and Exchange Commission.
Interest equals Libor minus 22 basis points and is payable quarterly.
The payout at maturity will be par of $10,000 plus triple the sum of the index return minus the T-Bill yield minus a fee of 0.2% per year. The T-Bill yield will be the sum of the 91-day weekly auction high rate for U.S. Treasury bills for each day during the life of the notes.
The notes are putable at any time, subject to a minimum of $1 million notes, and will be called if the index closes at 15% or more below its initial level. In each case, the payout will be calculated in the same way as at maturity.
| Issuer: | Eksportfinans ASA
|
| Issue: | Notes
|
| Underlying index: | Dow Jones - AIG Commodity Index Total Return
|
| Amount: | $50 million
|
| Maturity: | Jan. 27, 2010
|
| Coupon: | Libor minus 22 bps, payable quarterly
|
| Price: | Par of $10,000
|
| Payout at maturity: | Par plus 300% of the sum of the index return minus the T-Bill yield minus a fee of 0.2% per year
|
| Put option: | At any time, subject to $1 million minimum; payout calculated in same way as at maturity
|
| Call: | Automatically if index closes at 85% of its initial level or below; payout calculated in same way as at maturity
|
| Initial index level: | 205.492
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Underwriter: | Merrill Lynch & Co.
|
| Fees: | None
|
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