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Wachovia to price 13%-14% enhanced yield securities linked to Apache
By Angela McDaniels
Tacoma, Wash., Aug. 4 - Eksportfinans ASA plans to price enhanced yield securities due Feb. 25, 2009 linked to the common stock of Apache Corp. via underwriter Wachovia Capital Markets, LLC, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay an annualized coupon of 13% to 14%, with the exact rate to be set at pricing. Interest will be payable monthly.
The payout at maturity will be par unless Apache stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apache shares equal to $1,000 divided by the initial share price.
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