Morgan Stanley Dean Witter recently completed a $101 structured note transaction for Argentine energy conglomerate Perez Companc. The transaction was structured to allow Perez to purchase Entergy International Ltd.'s 5% stake in electricity distributor Edesur S.A. and was backed by Perez's own promissory notes to Entergy.

The deal, which made use of Morgan Stanley's LS Program and was called LS Trust Series 1999-1, was issued through a trust managed by HSBC Bank Argentina, and sold to domestic investors in Argentina. The structured notes have a three-year maturity and pay a 7% coupon, which matches the terms of the underlying promissory notes. The deal received a triple-A rating from Standard & Poor's.

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