New York, May 26 - Eksportfinans ASA priced $3 million of 13.1% reverse convertible securities due May 31, 2007 linked to Chesapeake Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
If the share price does not fall below the barrier level of 23.54 during the life of the notes, payout will be par.
If the share price falls below the barrier level during the life of the notes and ends below its initial price, payout at maturity will be 33.978 shares of Chesapeake Energy stock per $1,000 principal amount.
If the share price falls below the knock-in level during the life of the note and ends at or above its initial price, payout at maturity will be par.
| Issuer: | Eksportfinans ASA
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| Issue: | Reverse convertible securities
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| Underlying stock: | Chesapeake Energy Corp.
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| Amount: | $3 million
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| Maturity: | May 31, 2007
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| Coupon: | 13.1%, payable monthly
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| Price: | Par
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| Payout at maturity: | 33.978 shares of Chesapeake Energy stock if the share price falls below the barrier level of $23.54 during the life of the note and ends below its initial price; otherwise par
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| Initial share price: | $29.43
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| Barrier level: | $23.54, 80% of initial share price
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| Pricing date: | May 24
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| Settlement date: | May 31
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| Issuer ratings: | Moody's: Aaa
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| S&P: AA+
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| Fitch: AAA
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| Manager: | Commerzbank Capital Markets Corp.
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