Merrill Lynch plans one-year Stars tied to S&P 500 for Eksportfinans

By Marisa Wong

Madison, Wis., Nov. 12 - Eksportfinans ASA plans to price 0% Strategic Accelerated Redemption Securities due December 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

If the index closes at or above its initial level on any of three quarterly observation dates beginning May 2011, the notes will be called at par of $10 plus a premium of 8% to 12% per year.

If the index finishes at or above 95% of the initial level, the payout will be par. If the index declines by 5% or more, investors will share in any losses beyond 5%.

The notes will price in November and settle in December.

The exact deal terms will be set at pricing.

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