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Morgan Stanley to price 9%-13% RevCons linked to Schlumberger stock for Eksportfinans
By Jennifer Chiou
New York, Sept. 24 - Eksportfinans ASA plans to price 9% to 13% annualized reverse convertible notes due April 15, 2010 linked to the common stock of Schlumberger Ltd., 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 Schlumberger 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 Schlumberger shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, an equivalent cash amount.
The notes will price on Oct. 9 and settle on Oct. 15.
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