By E. Janene Geiss
Philadelphia, May 15 - Morgan Stanley priced a $1.79 million issue of 9% reverse convertible securities (RevCons) due May 16, 2008 linked to the common stock of Western Union Co., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Western Union stock hits the trigger price of $18.258 during the life of the notes and finishes below the initial share price of $21.48, in which case the payout will be a number of Western Union shares equal to $1,000 divided by the initial share priced or, at Morgan Stanley's option, the equivalent cash value.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities (RevCons)
|
| Underlying stock: | Western Union Co.
|
| Amount: | $1.79 million
|
| Maturity: | May 16, 2008
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Western Union stock hits the trigger price of $18.258 during the life of the notes and finishes below the initial share price, 46.55493 Western Union shares or equivalent cash value; otherwise par
|
| Initial share price: | $21.48
|
| Trigger price: | $18.258, 85% of initial share price
|
| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Commission: | 2.5%
|
© 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.
