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Morgan Stanley plans six-month 12.5% RevCons tied to Freeport-McMoRan
By Susanna Moon
Chicago, March 30 - Morgan Stanley plans to price 12.5% annualized reverse convertible securities due Oct. 28, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Freeport-McMoRan stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.
Morgan Stanley & Co. Inc. is the agent.
The notes will price on April 25 and settle on April 28.
The Cusip is 617482TH7.
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