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Morgan Stanley to price 19%-23% RevCons linked to Bank of America stock for Eksportfinans
By Jennifer Chiou
New York, Sept. 10 - Eksportfinans ASA plans to price 19% to 23% annualized reverse convertible notes due March 30, 2010 linked to the common stock of Bank of America Corp., 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 Bank of America 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 Bank of America shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, an equivalent cash amount.
The notes will price on Sept. 23 and settle on Sept. 28.
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