Published on 10/16/2007 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.2 million 17% RevCons linked to Wynn Resorts
By Jennifer Chiou
New York, Oct. 16 - Morgan Stanley priced a $3.2 million issue of 17% reverse convertible securities (RevCons) due April 17, 2008 linked to the common stock of Wynn Resorts, Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls below the trigger price of $126.544, or 80% of the initial share price, during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Wynn Resorts 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
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Issue: | Reverse convertible securities (RevCons)
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Underlying stock: | Wynn Resorts, Ltd. (Symbol: WYNN)
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Amount: | $3.2 million
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Maturity: | April 17, 2008
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 6.32191 Wynn Resorts shares or the equivalent cash value; otherwise, par
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Initial share price: | $158.18
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Trigger price: | $126.544, 80% of initial share price
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Pricing date: | Oct. 12
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Settlement date: | Oct. 17
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 1.5%
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