Eksportfinans Asa - Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
March 11 2008 - 1:34PM
Edgar (US Regulatory)
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TERMS SUPPLEMENT NO. 62 dated March 11, 2008
To Prospectus Supplement and Prospectus dated February 5,
2007 and
Product Supplement No. 1 dated April 12, 2007
Relating to the Eksportfinans ASA U.S. Medium-Term
Note Program
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Filed pursuant to Rule 433
Registration Statement No. 333-140456
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Natixis
Securities North America Inc.
Reverse
Convertible Notes
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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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Agent:
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Natixis Securities North America Inc.
9 West 57th St.
New York, NY 10019
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Agent Acting in the Capacity as:
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Principal
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Issue Price:
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100.00%
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Coupon
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Aggregate
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Reference
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Initial
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Rate
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Share
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Face
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Share
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Reference
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Per
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Knock-In
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Knock-In
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Redemption
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Maturity
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Amount
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Fees and
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Proceeds
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CUSIP/ISIN
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(Ticker)
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Level
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Annum
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Level
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Price
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Amount
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Date
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of Notes
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Commissions
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to Issuer
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of Notes
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Macys, Inc.
(M)
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$23.26
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15.25%
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60.00%
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$13.956
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42.9923
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September 15,
2008
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$1,950,000.00
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$36,660.00
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$1,913,340.00
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282645EY2/
US282645EY27
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Trade Date:
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March 11, 2008
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Original Issue Date:
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March 13, 2008
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Determination Date:
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September 10, 2008
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Interest Payment Dates:
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15.25% per annum, payable monthly in arrears in six equal
1.2708% payments on each of the following dates: April 15,
2008; May 15, 2008; June 13, 2008; July 15, 2008;
August 15, 2008 and September 15, 2008 (each an
Interest Payment Date
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Initial Reference Level:
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The reference level of the Reference Shares, as determined by
the calculation agent, on the Trade Date.
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Final Reference Level:
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The closing price of the Reference Shares quoted by the Relevant
Exchange, as determined by the calculation agent, on the
Determination Date.
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Redemption Amount:
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The Redemption Amount payable on the Maturity Date in
respect of each $1,000.00 face amount will be:
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If the closing price of the Reference Shares quoted
by the Relevant Exchange has not been below the Knock-In Price
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
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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 on the Determination Date
is equal to or greater than the Initial Reference Level, as
determined by the calculation agent in its
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sole discretion, or (b) a number of Reference Shares equal
to the Share Redemption Amount, if the Final Reference
Level on the Determination Date is less than the Initial
Reference Level.
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Share Redemption Amount:
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The Share Redemption Amount payable on the Maturity Date,
if applicable, will be the number of Reference Shares per note
that you hold. This amount is equal to the $1,000.00 face amount
of the note divided by the Initial Reference Level. You will
receive cash in lieu of fractional shares in an amount equal to
the fractional share amount multiplied by the Final Reference
Level.
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Denomination/Principal:
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Minimum denominations of $1,000.00 and integral multiples
thereof.
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Calculation Agent:
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Natixis Derivatives Inc.
9 West 57th St., 35th Floor
Attn: General Counsel
Telephone No.: +1 212 891 6137
Facsimile No.: +1 212 891 1922
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You may revoke your offer to purchase the notes at any time
prior to the time at which we accept such offer by notifying the
applicable agent. We reserve the right to change the terms of,
or reject any offer to purchase the notes prior to their
issuance. In the event of any changes to the terms of the notes,
we will notify you and you will be asked to accept such changes
in connection with your purchase. You may also choose to reject
such changes in which case we may reject your offer to purchase.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the notes
or passed upon the accuracy or the adequacy of this terms
supplement or the accompanying prospectus supplements and
prospectus. Any representation to the contrary is a criminal
offense.
The notes are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental
agency, nor are they obligations of, or guaranteed by, a
bank.
Eksportfinans ASA 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 the other
documents relating to this offering that Eksportfinans ASA has
filed with the SEC for more complete information about
Eksportfinans ASA and this offering. You may get these documents
without cost by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, Eksportfinans ASA, any agent or any
dealer participating in these offerings will arrange to send you
the prospectus, each prospectus supplement, product supplement
no. 1 and this terms supplement if you so request by calling
toll-free 866-369-6147.
Additional
Terms Specific to the Notes
You should read this terms supplement together with the
prospectus dated February 5, 2007, as supplemented by the
prospectus supplement dated February 5, 2007 relating to
our medium-term notes of which these notes are a part, and the
more detailed information contained in product supplement no. 1
dated April 12, 2007. This terms supplement, together with
the documents listed below, contains the terms of the notes and
supersedes all other prior or contemporaneous oral statements as
well as any other written materials including preliminary or
indicative pricing terms, correspondence, trade ideas,
structures for implementation, sample structures, brochures or
other educational materials of ours. You should carefully
consider, among other things, the matters set forth in
Risk factors in the accompanying product supplement
no. 1 and the accompanying prospectus supplement, as the notes
involve risks not associated with conventional debt securities.
We urge you to consult your investment, legal, tax, accounting
and other advisers before you invest in the notes.
You may access these documents on the SEC Web site at
www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC Web site):
http://www.sec.gov/
Archives/edgar/data/700978/000115697307000604/u52418e424b2.htm
Our Central Index Key, or CIK, on the SEC Web site is 700978. As
used in this terms supplement, the Company,
we, us, or our refers to
Eksportfinans ASA.
Selected
Risk Considerations
An investment in the notes involves significant risks. Investing
in the notes is not equivalent to investing directly in the
Reference Shares. These risks are explained in more detail in
the Risk factors section, beginning on page
PS-9
of the
accompanying product supplement no. 1 and beginning on page
S-4
of the
accompanying prospectus supplement.
Additional
Information
Unless otherwise stated, all information contained herein on the
Reference Shares and on the issuer of the Reference Shares (the
Reference Issuer
) is derived from publicly available
sources and is provided for informational purposes only.
The Reference Shares are registered under the Exchange Act.
Companies with securities registered under the Exchange Act are
required periodically to file certain financial and other
information specified by the SEC. Information provided to or
filed with the SEC can be inspected and copied at the public
reference facilities maintained by the SEC at Room 1580,
100 F Street, NE, Washington, DC 20549 and copies
of such material can be obtained from the Public Reference
Section of the SEC, 100 F Street, NE,
Washington, DC 20549, at prescribed rates. You may obtain
information on the operation of the Public Reference Room by
calling
1-800-SEC-0330.
In addition, information provided to or filed with the SEC
electronically can be accessed through a website maintained by
the SEC. The address of the SECs website is www.sec.gov.
In addition, information regarding the Reference Issuer may be
obtained from other sources including, but not limited to, press
releases, newspaper articles and other publicly disseminated
documents. We make no representation or warranty as to the
accuracy or completeness of these reports.
This terms supplement relates only to the notes offered
hereby and does not relate to the Reference Shares. We have
derived all disclosures contained in this terms supplement
regarding the Reference Issuer from the publicly available
documents described in the preceding paragraphs. Neither we nor
the agent nor its affiliates have participated in the
preparation of such documents or made any due diligence inquiry
with respect to the Reference Issuer in connection with the
offering of the notes. Neither we nor the agent nor its
affiliates make any representation that such publicly available
documents or any other publicly available information regarding
the Reference Issuer are accurate or complete. Furthermore, we
cannot give any assurance that all the events occurring prior to
the date of this terms supplement (including events that would
affect the accuracy or completeness of the publicly available
documents described in the preceding paragraph) that would
affect the trading price of the Reference Shares (and therefore
the Initial Reference Level and the Knock-In Level and
Redemption Amount) have been publicly disclosed. Subsequent
disclosure of any such events or the disclosure of or failure to
disclose material future events concerning the Reference Issuer
could affect the value you will receive on the Maturity Date
with respect to the notes and therefore the market value of the
notes. Neither we nor any of our affiliates have any obligation
to disclose any information about the Reference Issuer after the
date of this terms supplement.
Neither we nor any of our affiliates makes any representation to
you as to the performance of the Reference Shares. As a
prospective purchaser of notes, you should undertake such
independent investigation of the Reference Issuer as in your
judgment is appropriate to make an informed decision with
respect to an investment in the Reference Shares.
Any historical upward or downward trend in the price of the
Reference Shares during any period shown in this terms
supplement is not an indication that the price of the Reference
Shares is more or less likely to increase or decrease at any
time during the term of the notes. You should not take the
historical performance levels as an indication of future
performance of the Reference Shares. We cannot assure you that
the future performance of the Reference Shares will result in
your receiving the face amount of your notes on the Maturity
Date. The actual performance of the Reference Shares over the
life of the notes may bear little relation to the historical
levels shown in this terms supplement.
Hypothetical
Returns on the Notes
The tables of hypothetical returns contained in this terms
supplement set out the total return to the Maturity Date of a
note, based on the assumptions outlined in the introduction to
each respective table of hypothetical returns
and several variables, which include (a) whether the
Knock-In Level Trigger has occurred and (b) several
hypothetical closing prices for the Reference Shares on the
Determination Date or at any time during the life of the notes.
These figures are provided for purposes of illustration only.
They should not be taken as an indication or prediction of
future investment results and are intended merely to illustrate
the effect that various hypothetical Reference Share values
could have on the Redemption Amount, assuming all other
variables remain constant.
The information in the tables of hypothetical returns reflects
hypothetical rates of return on the notes assuming they are
purchased on the Original Issue Date and held to the Maturity
Date. If you sell your notes prior to the Maturity Date, your
return will depend upon the market value of your notes at the
time of sale, which may be affected by a number of factors that
are not reflected in the table below. For a discussion of some
of these factors, see Risk factors beginning on page
PS-9 of the accompanying product supplement no. 1 and beginning
on page
S-4
of the accompanying prospectus supplement.
The tables of hypothetical returns assume no Market Disruption
Event, Adjustment Event or Settlement Disruption Event occurs.
Also, the hypothetical rates of return shown below do not take
into account the effects of applicable taxes. Because of the
U.S. tax treatment applicable to the notes, tax liabilities
could affect the after-tax rate of return on your notes to a
comparatively greater extent than the after-tax return on the
Reference Shares.
The market price of the Reference Shares has been volatile in
the past, and their performance cannot be predicted for any
future period. The actual performance of the Reference Shares
over the life of the notes, as well as the
Redemption Amount payable, may bear little relation to the
hypothetical return examples set forth in the tables of
hypothetical returns or to the historical price of the Reference
Shares set forth in this terms supplement.
Supplemental
Information Regarding Taxation in the United States
The amount of the stated interest rate on the notes that
constitutes interest on the Deposit (as defined in the
accompanying product supplement no. 1) is set forth in the
table below.
Deposit Interest
for the notes equals 2.78%. The
Put
Premium
is the Interest Rate minus the Deposit Interest.
In addition to potential alternative treatments under current
tax law, it is also possible that the tax law may be changed by
legislative or regulatory action, possibly with retroactive
effect. However, it is not possible to predict whether or when
such action will occur and the effect of such potential changes
is uncertain.
Please refer to Taxation in the United States
beginning on page
PS-16
of the
accompanying product supplement no. 1.
Supplemental
Plan of Distribution
The notes are being purchased by Natixis Securities North
America Inc. (the agent) as principal, pursuant to a terms
agreement dated as of the Trade Date between the agent and us.
The agent has agreed to pay our
out-of-pocket
expenses in connection with the issuance of the notes.
See Supplemental plan of distribution beginning on
page PS-19 of the accompanying product supplement no. 1.
Description
of Macys, Inc.
ISIN: US55616P1049
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, Macys,
Inc., and subsidiaries, is a retail organization operating
retail stores that sell a wide range of merchandise, including
mens, womens and childrens apparel and
accessories, cosmetics, home furnishings and other consumer
goods. Information provided to or filed with the SEC by
Macys, Inc. pursuant to the Exchange Act can be located on
the SECs website by reference to SEC file number 001-13536.
Historical
Performance of Macys, Inc.
The following table sets forth the published intra-day high, low
and closing prices of the Reference Shares since
December 31, 2004. We obtained the information in the
tables below from Bloomberg without independent verification
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Period
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High
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Low
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Period End
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2005
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First Quarter
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$
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32.23
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$
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27.30
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$
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31.82
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Second Quarter
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$
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37.25
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$
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28.75
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$
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36.64
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Third Quarter
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$
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38.65
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$
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31.80
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$
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33.44
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Fourth Quarter
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$
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34.79
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$
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29.01
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$
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33.17
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2006
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First Quarter
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$
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37.37
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$
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33.32
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$
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36.50
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Second Quarter
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$
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39.51
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$
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33.97
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$
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36.60
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Third Quarter
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$
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43.35
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$
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33.25
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$
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43.21
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Fourth Quarter
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$
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44.95
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$
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37.76
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$
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38.13
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2007
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First Quarter
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$
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46.51
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$
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36.89
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$
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45.05
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Second Quarter
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$
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46.31
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$
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38.16
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$
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39.78
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Third Quarter
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$
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43.09
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$
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28.83
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$
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32.32
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Fourth Quarter
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$
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35.10
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$
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25.04
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$
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25.87
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2008
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First Quarter (through March 10, 2008)
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$
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28.00
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$
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21.31
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$
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23.26
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Table of
Hypothetical Returns of Macys, Inc.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $23.26 and a hypothetical Knock-In Level of $13.956. In
these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the redemption
Amount is paid in cash.
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Assumed Closing Price of
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Reference Shares on
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Determination Date
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Value of Payment at
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6 Monthly Interest
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(Macys, Inc.)
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Maturity
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Payments
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6 Month Total Return
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$
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%
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Greater than: $23.26
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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23.26
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$20.16
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$17.06
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$13.97
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $23.26 and a hypothetical Knock-In Level of $13.956. In
these examples, the Knock-In Level Trigger occurs during
the life of the notes.
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Assumed Closing Price of
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Reference Shares on
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Determination Date
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Value of Payment at
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6 Monthly Interest
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(Macys, Inc.)
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Maturity
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Payments
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6 Month Total Return
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$
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%
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Greater than: $23.26
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.625%
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23.26
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.625%
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$20.93
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$
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900.00
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*
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$
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76.25
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$
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976.25
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−2.375%
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$18.61
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$
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800.00
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*
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$
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76.25
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$
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876.25
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−12.375%
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$16.28
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$
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700.00
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*
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$
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76.25
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$
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776.25
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−22.375%
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$11.16
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$
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600.00
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*
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$
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76.25
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$
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676.25
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−32.375%
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$9.30
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$
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500.00
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*
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$
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76.25
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$
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576.25
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−42.375%
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$4.47
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$
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400.00
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*
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$
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76.25
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$
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476.25
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−52.375%
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$3.35
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$
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300.00
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*
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$
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76.25
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$
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376.25
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−62.375%
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$0.89
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$
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200.00
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*
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$
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76.25
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$
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276.25
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−72.375%
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$0.45
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$
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100.00
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*
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$
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76.25
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$
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176.25
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−82.375%
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$0.00
|
|
$
|
0.00
|
*
|
|
$
|
76.25
|
|
|
$
|
76.25
|
|
|
|
−92.375%
|
|
|
|
*
|
Payable in Reference Shares of Macys, Inc.
|
Cgm Elks FM Cop & Gold (AMEX:EKF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cgm Elks FM Cop & Gold (AMEX:EKF)
Historical Stock Chart
From Jul 2023 to Jul 2024