New Issue: Morgan Stanley sells $39.65 million 17.5% RevCons linked to Wells Fargo for Eksportfinans

By Susanna Moon

Chicago, Aug. 25 - Eksportfinans ASA priced $39.65 million of 17.5% annualized reverse convertible notes due Feb. 26, 2010 linked to the common stock of Wells Fargo & Co. via 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 stock falls to or below 70% of the initial share price during the life of the notes and finishes below the initial price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at the issuer's option, the value of those shares in cash.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Wells Fargo & Co. (NYSE: WFC)
Amount:	$39,652,000
Maturity:	Feb. 26, 2010
Coupon:	17.5%, payable monthly
Price:	Par
Payout at maturity:	If shares fall to or below knock-in level during life of notes and finish below initial price, 36.60322 Wells Fargo shares; otherwise, par
Initial share price:	$27.32
Knock-in level:	$19.124, or 70% of initial price
Pricing date:	Aug. 24
Settlement date:	Aug. 27
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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