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Morgan Stanley to issue 9.5%-11.5% RevCons linked to Baker Hughes
By Laura Lutz
Des Moines, Jan. 14 - Morgan Stanley plans to price an issue of RevCons due July 29, 2008 linked to Baker Hughes Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at between 9.5% and 11.5% per year. Interest will be payable monthly.
Payout at maturity will be par in cash if Baker Hughes stock stays at or above the protection price, 80% of the initial price, during the life of the notes or finishes at or above the initial price. Otherwise, the payout will be in Baker Hughes stock, with the number of shares equal to par divided by the initial share price.
The notes are expected to price on Jan. 24 and settle on Jan. 29.
Morgan Stanley & Co. Inc. will be the agent.
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