Published on 7/29/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $135,000 25.3% reverse convertibles linked to Evergreen Solar for Eksportfinans
By Angela McDaniels
Tacoma, Wash., July 29 - Eksportfinans ASA priced $135,000 of reverse convertible notes due Feb. 2, 2009 linked to the common stock of Evergreen Solar, Inc. via underwriter Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The six-month notes will pay 12.65% for an annualized coupon of 25.3%. Interest is payable monthly.
The payout at maturity will be par unless Evergreen Solar stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Evergreen Solar shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Evergreen Solar, Inc. (Symbol: ESLR)
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Amount: | $135,000
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Maturity: | Feb. 2, 2009
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Coupon: | 25.3%, payable monthly
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Price: | Par
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Payout at maturity: | If Evergreen Solar stock closes below the knock-in price during the life of the notes and the final share price is less than the initial price, 114.0251 Evergreen Solar shares; otherwise, par
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Initial share price: | $8.77
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Knock-in price: | $5.262 60% of initial price
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Pricing date: | July 25
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Settlement date: | July 31
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 2.5%
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