Published on 3/19/2007 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $54.8 million 20% reverse exchangeables linked to Walt Disney
By E. Janene Geiss
Philadelphia, March 19 - Morgan Stanley priced a $54,809,740 issue of 20% reverse exchangeable notes due March 24, 2008 linked to The Walt Disney Co. stock, according to a FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Walt Disney stock exceeds the exchange price of $40.776, 120% of the initial value. Otherwise, the payout will be 0.83333 shares of Walt Disney stock per $33.98 principal amount.
Morgan Stanley & Co. Inc. is agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | The Walt Disney Co.
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| Amount: | $54,809,704
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| Maturity: | March 24, 2008
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| Coupon: | 20%, payable monthly
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| Price: | Par of $33.98
|
| Payout at maturity: | Par in cash if Walt Disney stock exceeds the exchange price of $40.776; otherwise 0.83333 shares of Walt Disney stock
|
| Exchange price: | $40.776 (120% of initial value)
|
| Exchange ratio: | 0.8333
|
| Pricing date: | March 15
|
| Settlement date: | March 22
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Agent's concession: | 0.10%
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