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Morgan Stanley to price 8.5%-10.5% RevCons linked to Williams
By E. Janene Geiss
Philadelphia, March 11 - Morgan Stanley plans to price 8.5% to 10.5% reverse convertible securities (RevCons) due Sept. 27, 2008 linked to the Williams Cos., Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock closes below the trigger level - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Williams shares equal to $1,000 divided by the initial share price.
The notes are expected to price on March 24 and settle on March 27.
Morgan Stanley & Co. Inc. will be the agent.
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