Published on 10/13/2009 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $10.97 million 12.5% notes linked to Schlumberger for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Oct. 13 - Eksportfinans ASA priced $10.97 million of reverse convertible notes due April 15, 2010 linked to the common stock of Schlumberger Ltd. via underwriter Morgan Stanley & Co. Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The six-month notes pay 6.25% for an annualized coupon of 12.5%. Interest is payable monthly.
The payout at maturity will be par unless Schlumberger stock falls by 25% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying | stock: | Schlumberger Ltd. (NYSE: SLB)
|
| Amount: | $10,972,000
|
| Maturity: | April 15, 2010
|
| Coupon: | 12.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Schlumberger stock falls to or below knock-in level during life of notes and final share price is less than initial share price, 15.90078 Schlumberger shares; otherwise, par
|
| Initial share price: | $62.89
|
| Knock-in level: | $47.1675, 75% of initial price
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 15
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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