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Morgan Stanley to price RevCons linked to Range Resources
By Angela McDaniels
Seattle, March 26 - Morgan Stanley plans to price an offering of reverse convertible securities (RevCons) due April 30, 2008 linked to the common stock of Range Resources Corp., according to an FWP filing with the Securities and Exchange Commission.
The notes will have a coupon of 8.25% to 9.25% and will pay interest monthly. The exact coupon will be determined at pricing, which will occur sometime in April.
The payout at maturity will be par unless Range Resources stock decline 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 Range Resources shares equal to $1,000 divided by the initial share price.
Morgan Stanley & Co. Inc. will be the agent.
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