New Issue: Morgan Stanley prices $1.8 million 29.5% RevCons linked to Foster Wheeler

By Laura Lutz

Des Moines, Dec. 11 - Morgan Stanley priced $1.8 million of 29.5% RevCons due March 12, 2008 linked to Foster Wheeler Ltd. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If Foster Wheeler stock stays at or above the protection price, 80% of the initial price, during the life of the notes or finishes at or above the initial price, the payout at maturity will be par. Otherwise, the payout will be a number of Foster Wheeler shares equal to par divided by the initial price.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	RevCons
Underlying stock:	Foster Wheeler Ltd. (Symbol: FWLT)
Amount:	$1.8 million
Maturity:	March 12, 2008
Coupon:	29.5%, payable monthly
Price:	Par
Payout at maturity:	If stock stays at or above protection price during life of notes or finishes at or above initial price, par; otherwise, Foster Wheeler shares equal to par divided by initial price
Initial price:	$165.48
Protection price:	$132.384, 80% of initial price
Exchange ratio:	6.04303
Pricing date:	Dec. 7
Settlement date:	Dec. 12
Agent:	Morgan Stanley & Co. Inc.
Fees:	0.75%

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