Published on 7/22/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $1.21 million 17.6% notes linked to Continental Resources for Eksportfinans
By Susanna Moon
Chicago, July 22 - Eksportfinans ASA priced $1.21 million of 17.6% annualized reverse convertible notes due Oct. 23, 2008 linked to Continental Resources, Inc. stock via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par unless Continental stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of shares equal to par divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Continental Resources, Inc. (Symbol: CLR)
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Amount: | $1.21 million
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Maturity: | Oct. 23, 2008
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Coupon: | 17.6%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock closes below the knock-in price during the life of the notes and the final share price is less than the initial price, 14.4092 Continental Resources shares; otherwise, par
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Initial share price: | $69.40
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Knock-in price: | $41.64, or 60% of initial price
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Pricing date: | July 18
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Settlement date: | July 23
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Agent: | Natixis Securities North America Inc.
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Fees: | 2.8%
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