By E. Janene Geiss
Philadelphia, Nov. 27 - Morgan Stanley priced a $16.25 million issue of 9% High Income Trigger Securities (HITS) due Dec. 20, 2007 exchangeable to the common stock of Schlumberger Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
Payout at maturity will be determined according to the performance of Schlumberger stock up to and including Dec. 18, 2007, the determination date. If the stock price has not decreased below the trigger level, 75% of the initial stock price of $65.18, investors will receive par in cash. If Schlumberger stock has dropped below the trigger price of $48.885, investors will collect 0.15342 shares of Schlumberger stock.
Morgan Stanley is the agent for the offering.
| Issuer: | Morgan Stanley
|
| Issue: | High Income Trigger Securities (HITS)
|
| Stock: | Schlumberger Ltd. common stock
|
| Amount: | $16.25 million
|
| Coupon: | 9%, payable quarterly
|
| Maturity: | Dec. 20, 2007
|
| Payout at maturity: | Par in cash if Schlumberger stock has not decreased below the trigger level, 75% of the initial price of $65.18; if the stock has dropped below the trigger price of $48.885, investors will receive 0.15342 shares of Schlumberger stock
|
| Initial price: | $65.18
|
| Trigger price: | $48.85
|
| Pricing date: | Nov. 22
|
| Settlement date: | Nov. 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Listing: | "SBM" on Amex
|
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