Published on 9/5/2007 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $26.7 million 13.5% redeemable enhanced yield securities linked to Apple via Wachovia
By Susanna Moon
Chicago, Sept. 5 - Eksportfinans ASA priced a $26.7 million issue of 13.5% auto redeemable enhanced yield securities due Sept. 15, 2008 linked to Apple Inc. common stock, according to a 424B5 filing with the Securities and Exchange Commission.
Wachovia Capital Markets, LLC is the agent.
Interest is payable quarterly.
The notes will be automatically called for par plus accrued interest if the closing price of Apple stock exceeds the initial share price on any trading day beginning March 1, 2008 up to and including the valuation date of Sept. 8, 2008.
If the notes are not called, the payout at maturity will be par unless the stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Auto redeemable enhanced yield securities
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $26,723,000
|
| Maturity: | Sept. 15, 2008
|
| Coupon: | 13.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If the stock falls below the knock-in level during the life of the notes and finishes below the initial share price, a number of shares equal to $1,000 divided by the initial price; otherwise, par
|
| Call: | Automatically at par plus accrued interest if the closing price of Apple stock exceeds the initial share price on any day from March 1, 2008 to Sept. 8, 2008
|
| Initial share price: | $138.48
|
| Knock-in price: | $103.86, or 75% of initial share price
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Agent: | Wachovia Capital Markets, LLC
|
| Fees: | 2.25%
|
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