Natixis plans 15.6% reverse convertibles linked to Shanda for Eksportfinans

By Laura Lutz

Des Moines, May 6 - Eksportfinans ASA plans to price 15.6% annualized reverse convertible notes due Nov. 21, 2008 linked to the common stock of Shanda Interactive Entertainment Ltd. via Natixis Securities North America Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Shanda stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Shanda shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes are expected to price on May 16 and settle on May 21.

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