Published on 5/27/2008 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $14.21 million 14.5% RevCons linked to Visa
By E. Janene Geiss
Philadelphia, May 27 - Morgan Stanley priced a $14,213,000 million issue of 14.5% reverse convertible securities (RevCons) due Nov. 28, 2008 linked to the common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Visa 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
|
Issue: | Reverse convertible securities
|
Underlying stock: | Visa Inc. (Symbol: V)
|
Amount: | $14,213,000
|
Maturity: | Nov. 28, 2008
|
Coupon: | 14.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 12.93494 Visa shares; otherwise, par
|
Initial share price: | $77.31
|
Trigger price: | $57.9825, 75% of initial share price
|
Exchange ratio: | 12.93494
|
Pricing date: | May 22
|
Settlement date: | May 28
|
Agent: | Morgan Stanley & Co. Inc.
|
Fees: | 1.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.