Published on 12/23/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.11 million 9.5% notes linked to Schlumberger for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Dec. 23 - Eksportfinans ASA priced $5.11 million of enhanced yield securities due July 1, 2010 linked to the common stock of Schlumberger Ltd. via underwriter Wells Fargo Securities, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 9.5%. Interest is payable monthly.
The payout at maturity will be par unless Schlumberger stock falls by 25% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Schlumberger shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities
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Underlying stock: | Schlumberger Ltd. (NYSE: SLB)
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Amount: | $5,108,000
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Maturity: | July 1, 2010
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | If Schlumberger stock falls to or below the knock-in price during the life of the notes and the final share price is less than the initial share price, 15.6299 Schlumberger shares; otherwise, par
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Initial share price: | $63.98
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Knock-in price: | $47.985, 75% of initial share price
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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