New Issue: Morgan Stanley prices $6.19 million 13.3% RevCons linked to PHLX Oil for Eksportfinans

By Angela McDaniels

Tacoma, Wash., June 10 - Eksportfinans ASA priced $6.19 million of reverse convertible notes due Dec. 14, 2009 linked to the PHLX Oil Service Sector index via underwriter Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes pay 6.65% for an annualized coupon of 13.3%. Interest is payable monthly.

The payout at maturity will be par unless the index falls to or below the knock-in level - 70% of the initial level - during the life of the notes and finishes below the initial level, in which case the payout will be par minus the index decline.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying index:	PHLX Oil Services Sector index
Amount:	$6.19 million
Maturity:	Dec. 14, 2009
Coupon:	13.3%, payable monthly
Price:	Par
Payout at maturity:	If index falls to or below knock-in level during life of notes and finishes below initial level, par minus index decline; otherwise, par
Initial index level:	181.22
Knock-in level:	126.854, 70% of initial level
Pricing date:	June 9
Settlement date:	June 12
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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