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

By Susanna Moon

Chicago, July 29 - Eksportfinans ASA plans to price 0% Strategic Accelerated Redemption Securities due September 2011 based on the performance of 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 observation dates, the notes will be called at par of $10 plus a premium of 8% to 12% per year. The observation dates will be in February 2011, May 2011 and August 2011.

The payout at maturity will be par if the index finishes at or above the threshold level - 90% of the initial level - and investors will be exposed to any decline below the threshold level.

The notes will price in August and settle in September.

The exact deal terms will be set at pricing.

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