New Issue: Morgan Stanley sells $1.52 million 10.5% RevCons linked to MSCI EM for Eksportfinans

By Susanna Moon

Chicago, July 13 - Eksportfinans ASA priced $1.52 million of 10.5% reverse convertible notes due Jan. 15, 2010 linked to the iShares MSCI Emerging Markets index fund via underwriter Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the fund shares fall to or below the knock-in level - 70% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial price or, at the issuer's option, the equivalent value in cash.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying fund:	iShares MSCI Emerging Markets index fund
Amount:	$1.52 million
Maturity:	Jan. 15, 2010
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless shares fall to or below knock-in level during life of notes and finish below initial price, in which case 32.29974 shares
Initial share price:	$30.96
Knock-in level:	$21.67, or 70% of initial price
Pricing date:	July 10
Settlement date:	July 15
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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