New Issue: Eksportfinans prices $1.2 million 12.05% reverse convertibles linked to Endo via Natixis

By Laura Lutz

Des Moines, June 20 - Natixis Securities North America Inc. priced a $1.2 million issue of 12.05% reverse convertible notes due Sept. 25, 2007 linked to the common stock of Endo Pharmaceuticals Holdings Inc. for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

At maturity, investors will receive par unless Endo stock falls below the knock-in price, 80% of the initial price of $34.23, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Endo shares equal to $1,000 divided by the initial price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Endo Pharmaceuticals Holdings Inc.
Amount:	$1.2 million
Maturity:	Sept. 25, 2007
Coupon:	12.05%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Endo stock stays at or above the knock-in price of $27.384 during the life of the notes or finishes at or above the initial price; otherwise, 29.214 shares of Endo stock
Initial price:	$34.23
Knock-in price:	$27.384, 80% of $34.23
Pricing date:	June 20
Settlement date:	June 25
Underwriter:	Natixis Securities North America Inc.
Fees:	1.4%

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