By Angela McDaniels
Tacoma, Wash., March 3 - Eksportfinans ASA priced $6.5 million of floating-rate commodity index-linked notes due March 31, 2010 linked to the Merrill Lynch Commodity Index eXtra A 01 Total Return via underwriter Merrill Lynch & Co., according to an FWP filing with the Securities and Exchange Commission.
Interest equals Libor minus 25 basis points. It will be reset quarterly and paid at maturity.
The payout at maturity, in addition to interest, will be par plus triple the sum of the index return minus the T-Bill yield minus a fee of 0.5% 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 principal amount 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: | Commodity index-linked notes
|
| Underlying index: | Merrill Lynch Commodity Index eXtra A 01 Total Return
|
| Amount: | $6.5 million
|
| Maturity: | March 31, 2010
|
| Coupon: | Libor minus 25 bps, reset quarterly and payable at maturity
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of the sum of the index return minus the T-Bill yield minus a fee of 0.5% per year
|
| Put option: | At any time with minimum of $1 million notes; 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
|
| Pricing date: | March 2
|
| Settlement date: | March 9
|
| Underwriter: | Merrill Lynch & Co.
|
| Fees: | None
|
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