By Susanna Moon
Chicago, June 28 - Morgan Stanley priced $84 million of 9% annualized Equity LinKed Securities due Dec. 27, 2010 based on JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par of $10 unless JPMorgan stock closes at or below 75% of its initial share price on any day during the life of the notes, in which case the payout will be a number of JPMorgan shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Equity LinKed Securities
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Underlying stock: | JPMorgan Chase & Co. (NYSE: JPM)
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Amount: | $84 million
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Maturity: | Dec. 27, 2010
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Coupon: | 9%, payable monthly
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Price: | Par of $10
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Payout at maturity: | If JPMorgan stock closes at or below downside threshold price during life of notes, 0.26295 JPMorgan shares or value thereof in cash; otherwise, par
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Initial share price: | $38.03
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Downside threshold price: | $28.5225, or 75% of initial price
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Pricing date: | June 24
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Settlement date: | June 29
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 1.5%
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Cusip: | 61759G810
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