Eksportfinans plans issue of 16% reverse convertibles linked to Sirius

By Angela McDaniels

Seattle, April 18 - Eksportfinans ASA said it plans to issue one-year 16% reverse convertible notes linked to Sirius Satellite Radio Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par in cash if Sirius stock does not trade at or below the knock-in level, which will be 73% of the initial stock price on the pricing date.

If the stock does trade below the knock-in level, payout at maturity will be par in cash if the stock ends at or above its initial price or a number of Sirius shares equal to par divided by the initial stock price if the stock finishes below its initial price.

Commerzbank Capital Markets Corp. will be the agent for the offering.

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