By Jennifer Chiou
New York, April 18 - Eksportfinans ASA priced $2.453 million of 10% reverse convertible securities due April 19, 2007 linked to Gilead Sciences, Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.
If the share price does not fall below the knock-in level of $49.14 during the life of the notes, payout will be par.
If the share price falls below the knock-in level during the life of the notes and ends below its initial price, payout at maturity will be 16.2787 shares of Gilead Sciences stock per $1,000 principal amount.
If the share price falls below the knock-in level during the life of the note and ends at or above its initial price, payout at maturity will be par.
| Issuer: | Eksportfinans ASA
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| Issue: | Reverse convertible securities
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| Underlying stock: | Gilead Sciences, Inc.
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| Amount: | $2.453 million
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| Maturity: | April 19, 2007
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| Coupon: | 10%, payable quarterly
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| Price: | Par
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| Payout at maturity: | 16.2787 shares of Gilead Sciences stock if the share price falls below the knock-in level of $49.14 during the life of the note and ends below its initial price; otherwise par
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| Initial share price: | $61.43
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| Knock-in level: | $49.14, 80% of initial share price
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| Pricing date: | April 13
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| Settlement date: | April 19
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| Issuer ratings: | Moody's: Aaa
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| S&P: AA+
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| Fitch: AAA
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| Agent: | Deutsche Bank Securities Inc.
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