Morgan Stanley to price 12%-14% RevCons linked to Philip Morris

By Susanna Moon

Chicago, Oct. 27 - Morgan Stanley plans to price reverse convertible securities due May 13, 2009 linked to the common stock of Philip Morris International Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be 12% to 14%, payable monthly, with the exact rate to be set at pricing.

Payout at maturity will be par unless Philip Morris stock closes below the trigger price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case a number of Philip Morris shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.

The notes will price on Nov. 7 and settle on Nov. 13.

Morgan Stanley & Co. Inc. will be the agent.

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