Morgan Stanley to price reverse convertibles linked to Williams for Eksportfinans

By Angela McDaniels

Seattle, Aug. 29 - Morgan Stanley & Co. Inc. plans to price reverse convertible notes due March 19, 2008 linked to the common stock of the Williams Cos., Inc. for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 4% to 4.75% for an annualized rate of 8% to 9.5%. The exact coupon will be determined at pricing on Sept. 14. Interest will be payable monthly.

The payout at maturity will be par unless Williams stock falls by 20% or more during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Williams shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, the equivalent cash value.

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