New Issue: Eksportfinans sells $1 million 13.25% notes linked to Pioneer Drilling

By Jennifer Chiou

New York, July 27 - Eksportfinans ASA priced $1 million of 13.25% Knock-in Reverse Exchangeable notes due July 31, 2007 linked to Pioneer Drilling Co. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, the notes pay par in cash if Pioneer Drilling stock never trades at the knock-in level of $8.905 or below or if it finishes above the initial price. Otherwise the payout is 73 shares of Pioneer Drilling stock.

IXIS Securities North America Inc. was agent for the sale.

Issuer:	Eksportfinans ASA
Issue:	Knock-in Reverse Exchangeable senior medium-term series A notes
Underlying stock:	Pioneer Drilling Co.
Amount:	$1 million
Maturity:	July 31, 2007
Coupon:	13.25%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Pioneer Drilling stock never trades at the knock-in level of $8.905 or below or if it finishes above the initial price, otherwise smaller of par in cash or 73 shares of Pioneer Drilling stock
Exchange price:	$13.70 (initial level of Pioneer Drilling stock)
Knock-in price:	$8.905, 65% of initial price
Exchange ratio:	73
Pricing date:	July 25
Settlement date:	July 31
Agent:	IXIS Securities North America Inc.
Distribution:	Off shelf

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