New Issue: Morgan Stanley sells $0.182 million 11.27% RevCons linked to Whole Foods

By Jennifer Chiou

New York, March 19 - Morgan Stanley priced $0.182 million of 11.27% reverse convertible securities (RevCons) due March 21, 2008 linked to Whole Foods Market, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash if Whole Foods stock stays at or above the protection price, 85% of the initial share price of $44.22, during the life of the securities and finishes at or above the initial share price. Otherwise, the payout will be in Whole Foods stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Morgan Stanley
Issue:	Reverse convertible securities (RevCons)
Underlying stock:	Whole Foods Market, Inc.
Amount:	$0.182 million
Maturity:	March 21, 2008
Coupon:	11.27%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Whole Foods stock stays at or above the protection price of $37.587 and finishes at or above the initial share price; otherwise 22.6142 shares of Whole Foods stock
Initial share price:	$44.22
Protection price:	$37.587, 85% of $44.22
Exchange ratio:	22.6142, $1,000 divided by $44.22
Pricing date:	March 16
Settlement date:	March 21
Agent:	Morgan Stanley & Co. Inc.
Agent fees:	2.75%

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