By Angela McDaniels
Tacoma, Wash., March 11 - Morgan Stanley priced $4.5 million of 32% annualized reverse convertible securities due Sept. 13, 2009 linked to the common stock of JPMorgan Chase & Co., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless JPMorgan stock falls below the trigger price - 50% 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 JPMorgan shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the value of those shares in cash.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $4.5 million
|
| Maturity: | Sept. 13, 2009
|
| Coupon: | 32%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If JPMorgan stock falls below trigger price during life of notes and final share price is less than initial share price, 51.28205 JPMorgan shares or equivalent in cash; otherwise, par
|
| Initial share price: | $19.50
|
| Trigger price: | $9.75, 50% of initial share price
|
| Pricing date: | March 10
|
| Settlement date: | March 13
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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