New Issue: Natixis prices $242,000 20% reverse convertibles linked to GM for Eksportfinans

By Angela McDaniels

Seattle, Sept. 18 - Eksportfinans ASA priced $242,000 of reverse convertible notes due March 19, 2008 linked to the common stock of General Motors Corp. via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 10% for an annualized rate of 20%. Interest is payable monthly.

The payout at maturity will be par unless GM 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 GM shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	General Motors Corp. (Symbol: GM)
Amount:	$242,000
Maturity:	March 19, 2008
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	If GM shares close below the knock-in price during the life of the notes and the final share price is less than the initial share price, 29.2227 GM shares; otherwise, par
Initial share price:	$34.22
Knock-in price:	$25.665, 75% of initial share price
Pricing date:	Sept. 14
Settlement date:	Sept. 19
Underwriter:	Natixis Securities North America Inc.
Fees:	2.5%

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