Morgan Stanley to price 13.25% RevCons linked to Sotheby's

By E. Janene Geiss

Philadelphia, June 26 - Morgan Stanley plans to price an offering of 13.25% reverse convertible securities (RevCons) due Jan. 20, 2008 linked to the common stock of Sotheby's, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Sotheby's stock closes below the trigger price - 80% of the initial share price - during the life of the notes and closes below the initial share price on the final determination date, in which case the payout will be a number of Sotheby's shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.

The notes will price July 20 and settle July 25.

Morgan Stanley & Co. Inc. will be the agent.

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