Published on 5/22/2009 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.76 million 17% RevCons linked to CME Group for Eksportfinans
By Susanna Moon
Chicago, May 22 - Eksportfinans ASA priced $3.76 million of 17% reverse convertible notes due Nov. 27, 2009 linked to the common stock of CME Group Inc., according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the agent.
Interest is payable monthly.
The payout at maturity will be par unless CME stock 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 CME shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, an equivalent cash amount.
| Issuer: | Eksportfinans ASA
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| Issue: | Reverse convertible notes
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| Underlying shares: | CME Group Inc.
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| Amount: | $3,761,000
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| Maturity: | Nov. 27, 2009
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| Coupon: | 17%, payable monthly
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| Price: | Par
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| Payout at maturity: | If the stock falls to or below knock-in level during life of notes and finish below initial share price, 3.570280 CME shares or equivalent value in cash; otherwise, par
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| Initial share price: | $280.09
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| Knock-in level: | $210.0675, or 75% of initial price
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| Pricing date: | May 21
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| Settlement date: | May 27
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| Underwriter: | Morgan Stanley & Co. Inc.
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| Fees: | 1.5%
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