By E. Janene Geiss
Philadelphia, May 15 - Morgan Stanley priced a $14.5 million issue of 10.1% reverse convertible securities (RevCons) due May 16, 2008 linked to the common stock of Whole Foods Market Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Whole Foods stock hits the trigger price of $34.8245 during the life of the notes and finishes below the initial share price of $40.97, in which case the payout will be a number of Whole Foods 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: | Whole Foods Market Inc.
|
| Amount: | $14.5 million
|
| Maturity: | May 16, 2008
|
| Coupon: | 10.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Whole Foods Market stock hits the trigger price of $34.8245 during the life of the notes and finishes below the initial share price, 24.40810 Whole Foods Market shares or equivalent cash value; otherwise par
|
| Initial share price: | $40.97
|
| Trigger price: | $34.8245, 85% of initial share price
|
| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Commission: | 2.75%
|
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