CIC SETS PRICE RANGE FOR MORGAN STANLEY EQUITY UNITS
AsiaInfo Services, December, 2007
AsiaInfo Services 12-26-2007 CIC Sets Price Range for Morgan Stanley Equity Units BEIJING, Dec 26, 2007 (SinoCast via COMTEX) -- The Chinese sovereign wealth fund China Investment Corporation (CIC) announced it has decided on the buying price of equity units of Morgan Stanley at the range of USD 48.01 and USD 57.684. CIC has reached an agreement to buy USD 5 billion worth of equity units of Morgan Stanley, which is convertible into 9.9 percent common shares in the top global financial services firm.
Based on the higher end of the indicative price range, CIC could buy 86.68 million convertible equity units. The duration for the conversion is two years and seven months and interest for the equity will be paid quarterly at an annualized rate of 9 percent. ...
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