Eksportfinans to price 22.5% reverse convertibles linked to stock basket via Natixis

By Laura Lutz

Des Moines, April 4 - Eksportfinans ASA plans to price an issue of 22.5% annualized reverse convertible notes due Oct. 30, 2007 linked to a basket of four stocks, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the common stock of Companhia Vale do Rio Doce (CVRD), Petroleo Brasileiro SA (Petrobras), Banco Bradesco SA and Apple Inc.

Interest will be payable monthly.

Payout at maturity will be par if the daily closing values of at least one of the reference stocks have stayed above the knock-in level for that share, 80% of the stock's initial price, during the life of the notes or if all of the stocks finish above their respective initial prices.

Otherwise, payout will be a number of the worst-performing shares equal to $1,000 divided by the initial price of that stock.

The notes are expected to price on April 25 and settle on April 30.

Natixis Securities North America Inc. will act as agent.

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