By E. Janene Geiss
Philadelphia, April 25 - Morgan Stanley priced $3.59 million of 27% annualized RevCons due Oct. 28, 2008 linked to Westlake Chemical Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the stock falls below the protection price - 70% of the initial price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Westlake Chemical shares equal to par divided by the initial price.
Otherwise, the payout will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | RevCons
|
| Underlying stock: | Westlake Chemical Corp. (Symbol: WLK)
|
| Amount: | $3.59 million
|
| Maturity: | Oct. 28, 2008
|
| Coupon: | 27%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Westlake Chemical stock falls below protection price during life of notes and finishes below initial price, in which case 63.29114 Westlake Chemical shares
|
| Initial price: | $15.80
|
| Protection price: | $11.06, 70% of initial price
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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