Published on 4/29/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $1.76 million 20.75% reverse convertibles linked to GM for Eksportfinans
By Susanna Moon
Chicago, April 29 - Eksportfinans ASA priced $1.76 million of reverse convertible notes due Oct. 30, 2008 linked to the common stock of General Motors Corp. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The six-month notes will pay an annualized rate of 20.75%. Interest is payable monthly.
The payout at maturity will be par unless GM stock falls by more than 50% 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
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Issue: | Reverse convertible notes
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Underlying stock: | General Motors Corp. (NYSE: GM)
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Amount: | $1,759,000
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Maturity: | Oct. 30, 2008
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Coupon: | 20.75%, payable monthly
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Price: | Par
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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, 46.7727 GM shares; otherwise, par
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Initial share price: | $21.38
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Knock-in price: | $10.69, or 50% of initial price
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Natixis Securities North America Inc.
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Fees: | 2.5%
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