By Angela McDaniels
Seattle, April 23 - Morgan Stanley priced a $4.695 million issue of 14% reverse convertible securities (RevCons) due April 25, 2008 linked to the common stock of Joy Global Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Joy Global stock falls by more than 20% during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Joy Global shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities (RevCons)
|
| Underlying stock: | Joy Global Inc.
|
| Amount: | $4.695 million
|
| Maturity: | April 25, 2008
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Joy Global stock falls below the trigger price during the life of the notes and finishes below the initial share price, 20.91613 Joy Global shares or the equivalent cash value; otherwise, par
|
| Initial share price: | $47.81
|
| Trigger price: | $38.248, 80% of initial share price
|
| Pricing date: | April 20
|
| Settlement date: | April 25
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Agent fees: | 2.75%
|
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