Published on 6/19/2007 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $8.7 million 10.5% RevCons linked to Sunoco
By Jennifer Chiou
New York, June 19 - Morgan Stanley priced a $8.7 million issue of 10.5% annualized reverse convertible securities (RevCons) due Dec. 22, 2007 linked to the common stock of Sunoco, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Sunoco stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Reverse convertible securities
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Underlying stock: | Sunoco, Inc.
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Amount: | $8.7 million
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Maturity: | Dec. 22, 2007
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | If Sunoco stock falls below the trigger price during the life of the notes and finishes below the initial share price, 11.7758 Sunoco shares; otherwise, par
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Initial share price: | $84.92
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Trigger price: | $67.936, 80% of initial share price
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Pricing date: | June 15
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Settlement date: | June 22
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 2.25%
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