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Morgan Stanley to price six-month 13% RevCons linked to Abercrombie
By Jennifer Chiou
New York, May 31 - Morgan Stanley plans to price 13% annualized reverse convertible securities due Dec. 29, 2011 linked to the common stock of Abercrombie & Fitch Co., according to an FWP with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Abercrombie 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 Abercrombie shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.
The notes (Cusip: 617482UX0) will price on June 24 and settle on June 29.
Morgan Stanley & Co. Inc. is the agent.
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