By Susanna Moon
Chicago, June 24 - Morgan Stanley priced $6.74 million of 16% reverse convertible securities (RevCons) due Dec. 26, 2008 linked to the common stock of Sunoco Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Sunoco stock closes below the trigger price - 75% of the initial share price - during the life of the notes and closes below the initial share price on the final determination date, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities
|
| Underlying stock: | Sunoco Inc. (Symbol: SUN)
|
| Amount: | $6.74 million
|
| Maturity: | Dec. 26, 2008
|
| Coupon: | 16%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 24.86944 Sunoco shares; otherwise, par
|
| Initial share price: | $40.21
|
| Trigger price: | $30.1575, 75% of initial share price
|
| Pricing date: | June 23
|
| Settlement date: | June 26
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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