New Issue: Morgan Stanley prices $31.5 million 20% notes exchangeable for AT&T

By Angela McDaniels

Seattle, March 3 - Morgan Stanley priced $31.5 million of 20% notes due March 9, 2007 that are mandatorily exchangeable for AT&T Inc. stock, according to a FWP filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Reverse exchangeable medium-term notes, series F
Underlying stock:	AT&T Inc.
Amount:	$31.5 million
Maturity:	March 9, 2007
Coupon:	20%, payable monthly
Price:	Par of $28.00
Exchange ratio:	0.84531 AT&T shares
Exchange price:	$33.124
Payout at maturity:	Par if AT&T stock exceeds the exchange price of $33.124, otherwise 0.84531 AT&T shares
Pricing date:	March 1
Settlement date:	March 8
Underwriter:	Morgan Stanley

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