Morgan Stanley to price 8%-10% reverse convertibles linked to Wal-Mart for Eksportfinans

By Jennifer Chiou

New York, Dec. 10 - Morgan Stanley & Co. Inc. plans to price reverse convertible notes due June 27, 2008 linked to the performance of Wal-Mart Stores, Inc. stock for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.

The coupon is expected to be 8% to 10% and will be determined at pricing. Interest will be payable monthly.

The payout at maturity will be par unless Wal-Mart stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wal-Mart shares equal to $1,000 divided by the initial share price.

The notes will price on Dec. 21 and settle on Dec. 27.

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