Eksportfinans Asa - Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
27 February 2008 - 7:51AM
Edgar (US Regulatory)
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Pricing Sheet dated February 22, 2008 relating to
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Filed pursuant to Rule 433
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Terms Supplement No. 56 dated February 12, 2008
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Registration Statement No. 333-140456
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Relating to the Eksportfinans ASA U.S. Medium-Term
Note Program
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EKSPORTFINANS ASA
Reverse
Convertible Notes
This pricing sheet offers four separate Reverse Convertible
Notes, each relating to a different Reference Share.
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PRICING
TERMS FOR ALL REVERSE CONVERTIBLE NOTES
FEBRUARY 22, 2008
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Issuer:
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Eksportfinans ASA
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Issuer Rating:
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Aaa (negative outlook) (Moodys) / AA+ (Standard &
Poors) / AAA (Fitch)
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Specified Currency:
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U.S. dollars
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Issue Price:
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$1,000 per Reverse Convertible Note
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Trade Date:
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February 22, 2008
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Original Issue Date:
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February 27, 2008
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Redemption Amount:
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If the closing price of the applicable Reference Share quoted by
the Relevant Exchange has not been at or below the Knock-In
Level of that Reference Share on any Trading Day during the
period from the Trade Date up to and including the Determination
Date (the Knock-In Level Trigger), as determined by the
calculation agent in its sole discretion, a cash payment of
$1,000.00 (i.e. 100.00% of the face amount), or
If the Knock-In Level Trigger has occurred, (a) a cash payment
of $1,000.00 (i.e. 100.00% of the face amount), if the Final
Reference Level of the applicable Reference Share on the
Determination Date is equal to or greater than the Initial
Reference Level of that Reference Share, as determined by the
calculation agent in its sole discretion, or (b) a number of
Reference Shares equal to the Share Redemption Amount, (or, at
our option, the cash value thereof) if the Final Reference Level
of that Reference Share on the Determination Date is less than
the Initial Reference Level of that Reference Share.
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Final Reference Level:
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The closing price of the applicable Reference Share quoted by
the Relevant Exchange on the Determination Date.
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Share
Redemption Amount:
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The face amount of the note divided by the Initial Reference
Level, subject to adjustments for corporate events.
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Interest Payment
Dates:
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March 27, 2008, April 27, 2008, May 27, 2008,
June 27, 2008, July 27, 2008 and August 27, 2008.
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Listing:
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The Reverse Convertible Notes will not be listed on any
securities exchange.
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Agent:
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Morgan Stanley & Co. Incorporated
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Agent acting as:
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Principal
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SPECIFIC TERMS FOR EACH
REVERSE CONVERTIBLE NOTE
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iShares MSCI
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Weatherford
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Emerging Markets
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International Ltd.
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Apple Inc.
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EMC Corporation
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Index Fund
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Reference shares:
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(WFT)
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(AAPL)
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(EMC)
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(EEM)
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Determination Date:
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August 22, 2008
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August 22, 2008
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August 22, 2008
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August 22, 2008
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Maturity date:
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August 27, 2008
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August 27, 2008
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August 27, 2008
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August 27, 2008
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Interest Rate:
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15% per annum
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17.5% per annum
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14.5% per annum
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14.5% per annum
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Initial Reference
Level:
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$66.17
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$119.46
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$15.28
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$141.22
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Knock-In Level:
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$52.936
(80% of Initial
Reference Level)
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$95.568
(80% of Initial
Reference Level)
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$12.224
(80% of Initial
Reference Level)
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$105.915
(75% of Initial
Reference Level)
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Share Redemption
Amount:
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15.112589
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8.371003
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65.445026
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7.08115
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CUSIP:
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282645DR8
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282645DS6
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282645DT4
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282645DU1
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Per WFT
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Per AAPL
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Per EMC
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Per EEM
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RevCons
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Total
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RevCons
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Total
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RevCons
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Total
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RevCon
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Total
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Price to Public:
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$1,000
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$3,233,000
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$1,000
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$11,800,000
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$1,000
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$4,187,000
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$1,000
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$3,067,000
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Fees and Commissions:
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$15.00
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$48,495
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$15.00
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$177,000
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$15.00
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$62,805
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$15.00
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$46,005
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Proceeds to Us:
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$985.00
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$3,184,505
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$985.00
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$11,623,000
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$985.00
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$4,124,195
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$985.00
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$3,020,995
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(1)
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For additional information, see
Plan of Distribution in the prospectus supplement
for reverse convertible securities
(RevCons).
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You should read this
document together with terms supplement no. 56, product
supplement no. 1 and the prospectus supplement
and
prospectus, each of
which can be accessed via the hyperlinks below.
MORGAN
STANLEY
The issuer has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission, or SEC,
for the offering to which this terms supplement relates. Before
you invest, you should read the prospectus in that registration
statement and other documents relating to this offering that the
issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer
participating in this offering will arrange to send you the
prospectus if you request it by calling toll-free
1-800-584-6837
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