New Issue: Eksportfinans prices $10.13 million 9.5% reverse convertibles linked to Williams via Morgan Stanley

By Susanna Moon

Chicago, Sept. 18 - Eksportfinans ASA priced a $10.13 million issue of 9.5% reverse convertible notes due March 19, 2008 linked to Williams Cos., Inc. common stock via Morgan Stanley & Co. Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Williams shares equal to $1,000 divided by the initial share price or, at the issuer's option, the equivalent cash value.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Williams Cos. Inc. (NYSE: WMB)
Amount:	$10.13 million
Maturity:	March 19, 2008
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 30.4136 Williams shares or the equivalent cash value; otherwise, par
Initial share price:	$32.88
Trigger price:	$26.304, or 80% of initial share price
Pricing date:	Sept. 14
Settlement date:	Sept. 19
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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