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Morgan Stanley to issue 11.31% RevCons linked to Countrywide stock
By Laura Lutz
Washington, March 5 - Morgan Stanley plans to price an issue of 11.31% RevCons due March 21, 2008 linked to Countrywide Financial Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to price on March 16 and settle on March 21.
Payout at maturity will be par in cash if Countrywide stock stays at or above the protection price, 75% of the initial price, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Countrywide stock, with the number of shares equal to $1,000 divided by the initial share price.
Morgan Stanley & Co. Inc. will be the agent.
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