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Morgan Stanley to price 13% to 15% RevCons linked to eBay
By Susanna Moon
Chicago, Jan. 25 - Morgan Stanley plans to price 13% to 15% reverse convertible securities (RevCons) due Aug. 13, 2008 linked to eBay Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock closes below the trigger level - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of eBay shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Feb. 8 and settle on Feb. 13.
Morgan Stanley & Co. Inc. will be the agent.
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