Published on 6/25/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $600,000 28.75% reverse convertibles linked to GM for Eksportfinans
By E. Janene Geiss
Philadelphia, June 25 - Eksportfinans ASA priced a $600,000 issue of reverse convertible notes due Dec. 26, 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 14.375% for an annualized coupon of 28.75%. Interest is payable monthly.
The payout at maturity will be par unless General Motors 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 General Motors shares equal to par 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: | $600,000
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Maturity: | Dec. 26, 2008
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Coupon: | 28.75%, payable monthly
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Price: | Par
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Payout at maturity: | If General Motors stock closes below the knock-in price during the life of the notes and the final share price is less than the initial price, 77.4593 GM shares; otherwise, par
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Initial share price: | $12.91
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Knock-in price: | $6.455, 50% of initial price
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Pricing date: | June 24
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Settlement date: | June 26
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 3.525%
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