Published on 6/9/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $850,000 24.8% reverse convertibles linked to GM for Eksportfinans
By Angela McDaniels
Tacoma, Wash., June 9 - Eksportfinans ASA priced $850,000 of reverse convertible notes due Dec. 11, 2008 linked to the common stock of General Motors Corp. via underwriter Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 12.4% for an annualized coupon of 24.8%. Interest is payable monthly.
The payout at maturity will be par unless GM 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 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. (Symbol: GM)
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Amount: | $850,000
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Maturity: | Dec. 11, 2008
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Coupon: | 24.8%, payable monthly
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Price: | Par
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Payout at maturity: | If GM stock falls below the knock-in price during the life of the notes and the final share price is less than the initial share price, 61.6523 GM shares; otherwise, par
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Initial share price: | $16.22
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Knock-in price: | $9.732, 60% of initial price
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Pricing date: | June 9
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Settlement date: | June 11
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 1.95%
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