Published on 6/24/2009 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $6.61 million 17% RevCons linked to Schlumberger for Eksportfinans
By Jennifer Chiou
New York, June 24 - Eksportfinans ASA priced $6.61 million of 17% reverse convertible notes due Dec. 28, 2009 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.
Issuer: | Eksportfinans ASA
|
Issue: | Reverse convertible notes
|
Underlying shares: | Schlumberger Ltd. (Symbol: SLB)
|
Amount: | $6,609,000
|
Maturity: | Dec. 28, 2009
|
Coupon: | 17%, payable monthly
|
Price: | Par
|
Payout at maturity: | If the stock falls to or below knock-in level during life of notes and finish below initial share price, 18.76173 Schlumberger shares or equivalent value in cash; otherwise, par
|
Initial share price: $53.30
|
Knock-in level: | $39.975, 75% of initial price
|
Pricing date: | June 23
|
Settlement date: | June 26
|
Underwriter: | Morgan Stanley & Co. Inc.
|
Fees: | 1.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.