Published on 2/26/2008 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $11.8 million 17.5% notes linked to Apple for Eksportfinans
By Susanna Moon
Chicago, Feb. 26 - Eksportfinans ASA priced $11.8 million of 17.5% reverse convertible notes due Aug. 27, 2008 linked to Apple, Inc. common stock via underwriter 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 Apple shares equal to $1,000 divided by the initial share price or, at the issuer's option, the equivalent cash value.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Apple, Inc. (Nasdaq: AAPL)
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Amount: | $11.8 million
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Maturity: | Aug. 27, 2008
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 8.371003 shares or the equivalent cash value; otherwise, par
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Initial share price: | $119.46
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Trigger price: | $95.568, or 80% of initial share price
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Pricing date: | Feb. 22
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Settlement date: | Feb. 27
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Underwriter: | Morgan Stanley & Co. Inc.
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Fees: | 1.5%
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