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Wachovia to price 12%-13% enhanced yield securities linked to Las Vegas Sands for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Feb. 5 - Eksportfinans ASA plans to price an offering of enhanced yield securities due Feb. 25, 2009 linked to the common stock of Las Vegas Sands Corp. via Wachovia Capital Markets, LLC, according to an FWP filing with the Securities and Exchange Commission.
The securities will bear interest at 12% to 13% per year, with the exact coupon to be determined at pricing. Interest will be payable monthly.
The payout at maturity will be par unless Las Vegas Sands stock falls by 35% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.
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