Published on 12/8/2006 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $35 million 20% reverse exchangeables linked to Exxon Mobil
By E. Janene Geiss
Philadelphia, Dec. 8 - Morgan Stanley priced $35,006,625 of 20% reverse exchangeable notes due Dec. 15, 2007 linked to Exxon Mobil Corp. stock, according to a FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Exxon Mobil stock exceeds the exchange price of $91.0172, 120.25% of the initial value. Otherwise, the payout will be 0.831601 shares of Exxon Mobil stock per $75.69 principal amount.
Issuer: | Morgan Stanley
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Issue: | Reverse exchangeable notes
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Underlying stock: | Exxon Mobil Corp.
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Amount: | $35,006,625
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Maturity: | Dec. 15, 2007
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Coupon: | 20%, payable monthly
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Price: | Par of $75.69
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Payout at maturity: | Par in cash if Exxon Mobil stock stays exceeds the exchange price of $91.0172; otherwise 0.831601 shares of Exxon Mobil stock
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Exchange price: | $91.0172 (120.25% of initial value)
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Exchange ratio: | 10.831601
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Pricing date: | Dec. 7
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Settlement date: | Dec. 14
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Agent: | Morgan Stanley
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Agent fee: | 0.10%
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