Morgan Stanley to price 9.7% RevCons linked to Norfolk Southern

By Angela McDaniels

Seattle, April 30 - Morgan Stanley plans to price an offering of 9.7% reverse convertible securities (RevCons) due May 16, 2008 linked to the common stock of Norfolk Southern Corp., according to an FWP filing with the Securities and Exchange Commission.

The notes will price on May 11 and settle on May 16.

Interest will be payable monthly.

The payout at maturity will be par unless Norfolk Southern 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 Norfolk Southern 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. will be the agent.

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