New York, April 25 - Eksportfinans ASA priced $5 million of 16% reverse convertible securities due April 27, 2007 linked to Sirius Satellite Radio Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.
If the share price does not fall below the knock-in level of $3.774 during the life of the notes, payout will be par.
If the share price falls below the knock-in level during the life of the notes and ends below its initial price, payout at maturity will be 193.423 shares of Sirius stock per $1,000 principal amount.
If the share price falls below the knock-in level during the life of the note and ends at or above its initial price, payout at maturity will be par.
| Issuer: | Eksportfinans ASA
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| Issue: | Reverse convertible securities
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| Underlying stock: | Sirius Satellite Radio Inc.
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| Amount: | $5 million
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| Maturity: | April 27, 2007
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| Coupon: | 16%, payable quarterly
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| Price: | Par
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| Payout at maturity: | 193.423 shares of Sirius stock if the share price falls below the knock-in level of $3.774 during the life of the note and ends below its initial price; otherwise par
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| Initial share price: | $5.17
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| Knock-in level: | $3.774, 73% of initial share price
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| Pricing date: | April 18
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| Settlement date: | April 27
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| Issuer ratings: | Moody's: Aaa
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| S&P: AA+
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| Fitch: AAA
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| Agent: | Commerzbank Capital Markets Corp.
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