New Issue: Morgan Stanley reopens $59.45 million 20% reverse exchangeables linked to Exxon Mobil

By Laura Lutz

Des Moines, March 13 - Morgan Stanley reopened a $59,452,981.20 total issue of 20% reverse exchangeable notes due Dec. 15, 2007 linked to Exxon Mobil Corp. stock, according to a FWP filing with the Securities and Exchange Commission.

Morgan Stanley originally issued $35,006,625 of the notes on Dec. 7. The add on is for $24,446,356.20.

Payout at maturity will be par in cash if Exxon Mobil stock exceeds the exchange price of $91.0172, 120.25% of the initial value. Otherwise, the payout will be 0.831601 shares of Exxon Mobil stock per $75.69 principal amount.

Issuer:	Morgan Stanley
Issue:	Reverse exchangeable notes
Underlying stock:	Exxon Mobil Corp.
Amount:	$59,452,981.20 (including original $35,006,625 issue)
Maturity:	Dec. 15, 2007
Coupon:	20%, payable monthly
Price:	Par of $75.69 for the original issue; $70.18 (92.7203% of par) for the reopened notes
Payout at maturity:	Par in cash if Exxon Mobil stock stays exceeds the exchange price of $91.0172; otherwise 0.831601 shares of Exxon Mobil stock
Exchange price:	$91.0172 (120.25% of initial value)
Exchange ratio:	10.831601
Pricing date:	Dec. 7 for the original issue; March 9 for the reopened notes
Settlement date:	Dec. 14 for the original issue; March 16 for the reopened notes
Agent:	Morgan Stanley
Agent fee:	0.10%

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