Published on 10/1/2007 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $31.3 million 15% enhanced yield securities linked to GM for Eksportfinans
By Susanna Moon
Chicago, Oct. 1 - Wachovia Capital Markets, LLC priced $31.3 million of 15% auto redeemable enhanced yield securities due Oct. 2, 2008 linked to General Motors Corp. common stock for issuer Eksportfinans ASA, according to a 424B5 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called for par plus accrued interest if the closing price of General Motors stock exceeds the initial share price on any trading day beginning six months from the pricing date to and including the valuation date of Sept. 28, 2008.
If the notes are not called, the payout at maturity will be par unless the stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Auto redeemable enhanced yield securities
|
| Underlying stock: | General Motors Corp. (NYSE: GM)
|
| Amount: | $31,324,000
|
| Maturity: | Oct. 2, 2008
|
| Coupon: | 15%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If the stock falls below the knock-in price during the life of the notes and finishes below the initial share price, 27.4273 General Motors shares; otherwise, par
|
| Call: | Automatically for par plus accrued interest if General Motors stock closes above the initial share price on any trading day beginning six months from the pricing date to and including Sept. 28, 2008
|
| Initial share price: | $36.46
|
| Knock-in price: | $27.345, or 75% of initial share price
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 2
|
| Underwriter: | Wachovia Capital Markets, LLC
|
| Fees: | 2%
|
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