Wachovia to price 11.5%-12.5% auto redeemable enhanced yield securities tied to Apple for Eksportfinans

By Angela McDaniels

Tacoma, Wash., July 7 - Eksportfinans ASA plans to price auto redeemable enhanced yield securities due Jan. 21, 2009 linked to the common stock of Apple Inc. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.

The securities will carry an annualized coupon of 11.5% to 12.5%, with the exact coupon to be set at pricing. Interest will be payable monthly.

Beginning three months after issue, the securities will be called at par if the price of Apple shares equals or exceeds the initial share price.

If the notes are not called, the payout at maturity will be par unless Apple shares fall by more than 30% during the life of the notes and finish 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.

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