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Eksportfinans plans issue of 10% notes linked to Best Buy
By Jennifer Chiou
New York, Jan. 23 - Eksportfinans ASA said it plans to issue one-year 10% reverse convertible notes linked to Best Buy Co. stock, according to a 424B3 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The redemption amount will depend on the performance of the index up to and including the determination date. Investors will receive par in cash if Best Buy stock does not trade at or below the knock-in level - 80% of the initial stock price on the pricing date - or if the company's stock both trades at or below the knock-in level and finishes equal to or grater than the initial price. Investors will receive a specified number of Best Buy shares if the company's stock trades at or below the knock-in level and ends below the initial price.
Eksportfinans' issuer ratings are Aaa, AA+ and AAA.
Deutsche Bank Securities Inc. will be the agent.
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