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Eksportfinans plans 17% bundled reverse convertibles linked to stocks
By Jennifer Chiou
New York, June 5 - Eksportfinans ASA plans to price 17% annualized reverse convertible notes due Sept. 16, 2009 linked to an equally weighted stock basket, according to an FWP filing with the Securities and Exchange Commission.
The basket includes Caterpillar Inc., Freeport-McMoRan Copper & Gold, Inc., General Electric Co. and Wells Fargo & Co.
Natixis Securities North America Inc. is the agent.
Interest will be payable monthly.
If any basket stock falls below the knock-in price - 65% 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 the affected shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on June 11 and settle on June 16.
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