New Issue: Morgan Stanley prices $12.5 million 1.5% notes exchangeable for Exxon

New York, Nov. 26 - Morgan Stanley priced $12.5 million of 1.5% notes exchangeable for Exxon Mobil Corp. common stock, according to a filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Exchangeable medium-term notes
Underlying stock:	Exxon Mobil Corp.
Amount:	$12.5 million
Maturity:	Dec. 30, 2010
Coupon:	1.5%
Price:	Par
Exchange ratio:	23.7988 from Dec. 30 onward, in cash or stock at Morgan Stanley's option; automatic at maturity if stock is valued at more than par
Call:	Nov. 30, 2004 onward at greater of par or 23.7988 shares of Exxon Mobil stock in cash or stock
Pricing date:	Nov. 20
Settlement:	Nov. 25
Underwriter:	Morgan Stanley
Listing:	"EXT.A" on American Stock Exchange

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