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Morgan Stanley to issue 11%-13% RevCons linked to Range Resources
By Laura Lutz
Des Moines, March 24 - Morgan Stanley plans to price an issue of RevCons due Oct. 16, 2008 linked to Range Resources Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at between 11% and 13% per year.
Interest will be payable monthly.
Payout at maturity will be par in cash if Range stock stays at or above the protection price, 75% of the initial price, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Range stock, with the number of shares equal to par divided by the initial share price.
The notes are expected to price on April 11 and settle on April 16.
Morgan Stanley & Co. Inc. will be the agent.
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