Morgan Stanley plans reverse convertibles linked to Weatherford for Eksportfinans

By Laura Lutz

Des Moines, Feb. 13 - Eksportfinans ASA plans to price an issue of reverse convertible notes due Aug. 27, 2008 linked to Weatherford International Ltd. common stock via Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to bear interest at between 13% and 15% per year. Interest will be payable monthly.

If Weatherford stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Weatherford shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes are expected to price on Feb. 22 and settle on Feb. 27.

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