Published on 3/29/2011 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $189,000 11.5% RevCons tied to SanDisk
By E. Janene Geiss
Philadelphia, March 29 - Morgan Stanley priced $189,000 of 11.5% annualized reverse convertible securities due Sept. 30, 2011 linked to SanDisk Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless SanDisk stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of SanDisk shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities
|
| Underlying stock: | SanDisk Corp. (Symbol: SNDK)
|
| Amount: | $189,000
|
| Maturity: | Sept. 30, 2011
|
| Coupon: | 11.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless SanDisk stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of SanDisk shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash
|
| Initial share price: | $45.01
|
| Trigger price: | $36.008, 80% of initial price
|
| Exchange ratio: | 22.21729
|
| Pricing date: | March 25
|
| Settlement date: | March 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2%
|
| Cusip: | 617482RT3
|
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