Morgan Stanley to price 11% to 14% ELKS linked to Cummins

By Angela McDaniels

Tacoma, Wash., Nov. 28 - Morgan Stanley plans to price Equity Linked Securities due June 25, 2012 linked to the common stock of Cummins Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will carry a coupon of 10% to 14% per year. The exact coupon will be set at pricing. Interest will be payable monthly.

The payout at maturity will be par of $10 unless the final price of Cummins stock is 75% or less of the initial share price, in which case the payout will be a number of Cummins shares equal to $10 divided by the initial share price or, at Morgan Stanley's option, an amount in cash equal to the value of those shares.

The notes (Cusip: 61760T223) will price Dec. 22 and settle Dec. 28.

Morgan Stanley & Co. LLC is the agent.

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