By Angela McDaniels
Tacoma, Wash., March 11 - Eksportfinans ASA priced $58 million of 10% reverse exchangeable notes due March 12, 2009 linked to the common stock of Hewlett-Packard Co. via Lehman Brothers Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The face value of each note is $47.4867, which is equal to the closing price of Hewlett-Packard stock on the pricing date.
If the final share price is less than 80% of the initial share price, the payout at maturity will be $34.2094 per note, which equals 72.04% of par.
If the final share price is greater than 122.5% of the initial share price, the payout will be par plus 0.65% for each 1% that the final share price advances beyond 22.5%.
Otherwise, the payout will be par or 90.05% of the final share price, whichever is lower.
The redemption amount will be payable in cash or stock, at Eksportfinans' option.
The final share price will equal the closing price of Hewlett-Packard stock on March 5, 2009 plus the dividend adjustment amount, which will equal the difference between the actual dividends paid and the expected dividends as of that day.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Hewlett-Packard Co. (NYSE: HPQ)
|
| Amount: | $58,000,255.38
|
| Maturity: | March 12, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the final share price is less than the lower strike price, the payout will equal the equity floor price; if the final share price is greater than the upper strike price, the payout will be par plus 0.65% for each 1% increase beyond the upper strike price; otherwise, the payout will be the lesser of par and 90.05% of the final share price; payable in stock or cash at Eksportfinans' option
|
| Initial share price: | $47.4867
|
| Lower strike price: | $37.9894, 80% of initial share price
|
| Equity floor price: | $34.2094, 72.04% of initial share price
|
| Upper strike price: | $58.1712, 122.5% of initial share price
|
| Pricing date: | March 11
|
| Settlement date: | March 11
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | None
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
