New Issue: Morgan Stanley prices $2.54 million 10.32% RevCons on Staples stock

By Susanna Moon

Chicago, March 14 - Morgan Stanley priced $55,000 of 10.32% reverse convertible securities due March 15, 2012 linked to Staples, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Staples stock falls 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 Staples shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Reverse convertible securities
Underlying stock:	Staples, Inc. (Symbol: SPLS)
Amount:	$2,541,000
Maturity:	March 15, 2012
Coupon:	10.32%, payable monthly
Price:	Par
Payout at maturity:	Par unless Staples stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case 49.52947 Staples shares
Initial share price:	$20.19
Trigger price:	$16.152, 80% of initial price
Pricing date:	March 10
Settlement date:	March 15
Agent:	Morgan Stanley & Co. Inc.
Fees:	0.25%
Cusip:	617482SW5

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