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Morgan Stanley ups coupon to 10%-12% for ELKS tied to Freeport-McMoRan
By Toni Weeks
San Diego, Aug. 1 - Morgan Stanley increased the coupon for its Equity LinKed Securities due Feb. 23, 2012 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The coupon will now be 10% to 12% per year. Previously, the coupon was 7% to 9%. The exact coupon will be set at pricing.
Interest will be payable monthly.
The payout at maturity will be par of $10 unless Freeport-McMoRan shares fall to or below 80% of the initial price during the life of the notes, in which case the payout will be a number of Freeport-McMoRan shares equal to $10 divided by the initial price or, at the issuer's option, the cash equivalent.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Aug. 25 and settle on Aug. 30.
The Cusip is 61760E176.
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