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Morgan Stanley to price 10.5%-12.5% RevCons linked to Schlumberger
By Susanna Moon
Chicago, July 11 - Morgan Stanley plans to price 10.5% to 12.5% reverse convertible securities due Jan. 29, 2009 linked to Schlumberger NV common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless the stock closes below the trigger level - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.
The notes are expected to price on July 24 and settle on July 29.
Morgan Stanley & Co. Inc. will be the agent.
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