New Issue: Morgan Stanley prices $3.9 million of 13% RevCons linked to Dell

By Laura Lutz

Des Moines, Jan. 14 - Morgan Stanley priced $3.9 million of 13% RevCons due July 16, 2008 linked to Dell Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.

If Dell 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, the payout will be a number of Dell shares equal to $1,000 divided by the initial share price.

Otherwise, the payout will be par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	RevCons
Underlying stock:	Dell Inc. (Symbol: DELL)
Amount:	$3.9 million
Maturity:	July 16, 2008
Coupon:	13%
Price:	Par
Payout at maturity:	If 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, a number of Dell shares equal to $1,000 divided by the initial share price; otherwise, par
Initial price:	$20.76
Trigger price:	$16.608, 80% of initial price
Exchange ratio:	48.16956
Pricing date:	Jan. 11
Settlement date:	Jan. 16
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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