By Laura Lutz
Des Moines, Dec. 21 - Morgan Stanley determined the conversion prices for its $5 billion private placement of equity units with investor China Investment Corp. Ltd., according to a news release.
The units will be mandatorily convertible into common stock on Aug. 17, 2010 at prices from $48.07 to $57.684 per share.
The units will bear dividends of 9%, payable quarterly.
Proceeds will be used to improve the company's capital position and for future growth opportunities.
Morgan Stanley is a New York-based financial services company.
| Issuer: | Morgan Stanley
|
| Issue: | Units mandatorily convertible into common stock
|
| Amount: | $5 billion
|
| Conversion date: | Aug. 17, 2010
|
| Dividends: | 9%
|
| Conversion price: | $48.07 to $57.684 per share
|
| Investor: | China Investment Corp. Ltd.
|
| Announcement date: | Dec. 19
|
| Pricing date: | Dec. 21
|
| Stock symbol: | NYSE: MS
|
| Stock price: | $54.37 at close Dec. 21
|
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