New Issue: Morgan Stanley prices $13.05 million 17% RevCons linked to Textron for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Nov. 23 - Eksportfinans ASA priced $13.05 million of reverse convertible securities due May 25, 2010 linked to the common stock of Textron Inc. via Morgan Stanley & Co. Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes pay 8.5% for an annualized coupon of 17%. Interest is payable monthly.

The payout at maturity will be par unless Textron stock falls to or below the trigger price - 75% of the initial share price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Textron shares equal to $1,000 divided by the initial share price or, at the issuer's option, the value of those shares in cash.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible securities
Underlying stock:	Textron Inc. (Symbol: TXT)
Amount:	$13,052,000
Maturity:	May 25, 2010
Coupon:	17%, payable monthly
Price:	Par
Payout at maturity:	If Textron stock falls to or below trigger price during life of notes and finishes below initial price, 50.9165 Textron shares or a cash amount equal to their value; otherwise, par
Initial share price:	$19.64
Knock-in price:	$14.72, 75% of initial price
Pricing date:	Nov. 20
Settlement date:	Nov. 25
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.