Published on 7/9/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $120,000 20.5% reverse convertibles linked to GM for Eksportfinans
By Jennifer Chiou
New York, July 9 - Eksportfinans ASA priced a $120,000 issue of 20.5% reverse convertible notes due Oct. 10, 2008 linked to the common stock of General Motors Corp. via underwriter Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
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: | $120,000
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Maturity: | Oct. 10, 2008
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Coupon: | 20.5%, 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, 97.6563 GM shares; otherwise, par
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Initial share price: | $10.24
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Knock-in price: | $5.12, 50% of initial price
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Pricing date: | July 7
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Settlement date: | July 10
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 2.3875%
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