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Morgan Stanley to price 13%-15% reverse convertibles linked to Marathon Oil for Eksportfinans
By Jennifer Chiou
New York, Dec. 10 - Morgan Stanley & Co. Inc. plans to price reverse convertible notes due June 27, 2008 linked to the performance of Marathon Oil Corp. stock for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
The coupon is expected to be 13% to 15% and will be determined at pricing. Interest will be payable monthly.
The payout at maturity will be par unless Marathon Oil stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Marathon Oil shares equal to $1,000 divided by the initial share price.
The notes will price on Dec. 21 and settle on Dec. 27.
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