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Morgan Stanley to sell 8.5%-12.5% RevCons linked to iShares MSCI Emerging Markets for Eksportfinans
By Susanna Moon
Chicago, May 22 - Eksportfinans ASA plans to price 8.5% to 12.5% annualized reverse convertible notes due Dec. 14, 2009 linked to the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the agent.
Interest will be payable monthly.
The payout at maturity will be par unless the fund ever dips to or below its knock-in level - 75% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, an equivalent cash amount.
The notes are expected to price on June 9 and settle on June 12.
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