Eksportfinans plans issue of 17.5% notes linked to General Motors

By Jennifer Chiou

New York, March 28 - Eksportfinans ASA said it plans to issue one-year 17.5% reverse convertible notes linked to General Motors Corp. stock, according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The redemption amount will depend on the performance of GM stock up to and including the determination date.

Investors will receive par in cash if General Motors stock does not trade at or below the knock-in level - 50% of the initial stock price on the pricing date - or if the company's stock both trades at or below the knock-in level and finishes equal to or greater than the initial price.

Investors will receive a number of General Motors shares equal to par divided by the stock price on the pricing date if the company's stock trades at or below the knock-in level and ends below the initial price.

Eksportfinans' issuer ratings are Aaa, AA+ and AAA.

Deutsche Bank Securities Inc. will be the agent.

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