PROSPECTUS Dated June 2, 1997 Amendment No. 1 Dated February 10, 1998 to
PROSPECTUS SUPPLEMENT Pricing Supplement No. 35 to
Dated June 17, 1997 Registration Statement No. 333-27919
Dated January 19, 1998
Rule 424(b)(3)
Morgan Stanley, Dean Witter, Discover & Co.
GLOBAL MEDIUM-TERM NOTES, SERIES D
Euro Floating Rate Senior Bearer Notes Due February 2000
------------
The Global Medium-Term Notes, Series D (Euro Floating Rate
Senior Bearer Notes Due February 2000) described in this Pricing Supplement
(the "Notes") will mature on the Maturity Date. The Notes will not be
redeemable at the option of Morgan Stanley, Dean Witter, Discover & Co. prior
to the Maturity Date other than under the circumstances described under
"Description of Notes--Tax Redemption" in the accompanying Prospectus
Supplement.
The Notes will be issued only in bearer form, which form is
further described under "Description of Notes--Forms, Denominations, Exchange
and Transfer" in the accompanying Prospectus Supplement. Notes in bearer form
will not be exchangeable at any time for Notes in registered form.
Application has been made to list the Notes on the Bourse de
Paris (the "Paris Bourse").
The Notes are further described under "Description of
Notes--Floating Rate Notes" in the accompanying Prospectus Supplement, except
that to the extent the terms described below are inconsistent with such
description, the terms described below shall control.
Principal Amount: FF 1,000,000,000
Maturity Date: February 16, 2000; provided that if such day is not a
Business Day, the Maturity Date will be the next
succeeding day that is a Business Day, and no interest
shall accrue for the period from and after the Maturity
Date.
Date of Issuance
and Settlement
Date: February 16, 1998
Interest Accrual
Date: February 16, 1998
Issue Price: 99.867%
See "Plan of Distribution" below.
Specified Currency: French Francs
Redemption Price: 100%
Initial Redemption
Date: N/A
Initial Redemption
Percentage: N/A
Annual Redemption
Percentage
Reduction: N/A
Optional Repayment
Date(s): N/A
Total Amount of OID: None
Original Yield to
Maturity: N/A
Initial Accrual
Period OID: N/A
Base Rate: PIBOR
See "Other Provisions" below.
Spread
(Plus or Minus): None
Spread Multiplier: N/A
Interest Payment
Dates: Each February 16, May 16, August 16 and November 16,
commencing May 16, 1998 (each an "Interest Payment
Date"); provided that if any such day (other than the
Maturity Date) is not a Business Day, such Interest
Payment Date will be the next succeeding day that is a
Business Day, unless such succeeding Business Day
falls in the next succeeding calendar month, in which
case such Interest Payment Date will be the
immediately preceding day that is a Business Day
Interest Payment
Period: Quarterly
Initial Interest
Rate: To be determined one Paris Banking Day
prior to the date of issuance.
Initial Interest
Reset Date: May 16, 1998; provided that if such day is not a
Business Day, such Initial Interest Reset Date will be
the next succeeding day that is a Business Day, unless
such succeeding Business Day falls in the next
succeeding calendar month, in which case such Initial
Interest Reset Date will be the immediately preceding
day that is a Business Day.
Interest Reset
Dates: Each Interest Payment Date
Interest Reset
Periods: The period from and including an Interest Reset Date
to but excluding the immediately succeeding Interest
Reset Date.
Reporting Service: Telerate 20041
Calculation Agent: The Chase Manhattan Bank (London Branch)
(continued on next page)
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
Morgan Stanley S.A.
Credit Commercial de France
Credit Lyonnais
Paribas
Societe Generale
(continued from previous page)
Alternate Rate
Event Spread: N/A
Index Currency: French Francs
Index Maturity: 3 months
Maximum Interest
Rate: N/A
Minimum Interest
Rate: N/A
Paying Agent: Credit Lyonnais
Business Days: Paris, New York
Exchange Date: 40 days after Date of Issuance (at the earliest)
Denominations: FF 1,000,000
Common Code: 8392536
ISIN: FR0000491011
Code Sicovam: 49101
Other provisions:
PIBOR: For each Interest Reset Date, PIBOR will be the Paris inter-
bank offered rate for three month French Franc deposits as defined and
calculated by the Association Francaise des Banques (the "AFB") and as
published on Telerate Page 20041 (or such other page as may replace
that page on that service for the purpose of displaying such rate) as
of 11:00 a.m. (Paris time) on the Paris Banking Day preceding such
Interest Reset Date. If, on such preceding Paris Banking Day, the AFB
does not calculate or publish such rate, the Calculation Agent will
request the principal Paris office of each of four major banks in the
Paris interbank market to provide a quotation for the rate at which
three-month French Franc deposits are offered by it in the Paris
interbank market at approximately 11:00 a.m. (Paris time) on such
preceding Paris Banking Day to prime banks in the Paris interbank
market in an amount that is representative for a single transaction in
that market at that time. If at least two quotations are provided,
the rate for such Interest Reset Date will be the arithmetic mean of
such quotations (as determined by the Calculation Agent and rounded,
if necessary, to the fifth decimal place with 0.000005 being rounded
upwards). If fewer than two quotations are provided as requested on
such preceding Paris Banking Day, the Calculation Agent will determine
PIBOR on the relevant Interest Reset Date and PIBOR will be the
arithmetic mean (rounded, if necessary, to the fifth decimal place
with 0.000005 being rounded upwards) of the rates quoted by at least
two major banks in Paris, selected by the Calculation Agent, at
approximately 11:00 a.m. (Paris time) on that Interest Reset Date for
three month French Franc deposits to leading European banks in an
amount that is representative for a single transaction in that market
at that time provided that if the Calculation Agent is unable to
determine PIBOR in accordance with the above provisions in relation to
any Interest Period, PIBOR during such Interest Period will be PIBOR
as last determined in relation thereto.
If, on the replacement of the French Franc by the European single
currency (the "Euro"), the definition and/or basis of calculation of
PIBOR changes, or such rate ceases to exist and is replaced by a
similar rate, such replacement or changed rate shall apply.
Paris Banking Day: Paris Banking Day means any day on which deposits
in French Francs are transacted in the Paris interbank market.
Plan of Distribution:
On January 19, 1998, the Company agreed to sell to the
managers listed in this Pricing Supplement (the "Managers"), and the
Managers severally agreed to purchase, the principal amount of Notes set
forth opposite their respective names below at a net price of 99.692%.
Principal Amount of
Name Notes
---- -------------------
Morgan Stanley S.A........................ FF840,000,000
Banque Paribas............................ 40,000,000
Credit Commercial de France............... 40,000,000
Credit Lyonnais........................... 40,000,000
Societe Generale.......................... 40,000,000
---------------
Total................................ FF1,000,000,000
===============
The Notes are being issued outside France and may not be
offered to the public in France.
The Company has undertaken not to offer, directly or
indirectly, any Notes to the public in France.
Each Manager has represented and agreed that it has not offered
or sold and will not offer or sell, directly or indirectly, any Notes to the
public in France, and that it has not distributed and will not distribute or
cause to be distributed to the public in France the Prospectus or any
amendment, supplement or replacement thereto including the Pricing Supplement
or any other offering material relating to the Notes.
In connection with the issue of the Notes, the documentation
will be available for inspection at the offices of Credit Lyonnais, the Paying
Agent, in France, located at:
DOFE Centre de Bayeux
Secteur RSV
14408 Bayeux Cedex
The documents incorporated by reference herein have not been
submitted to the clearance procedure of the COB.
PERSONNES QUI ASSUMENT LA RESPONSABILITE DE LA NOTE
D'INFORMATION COMPOSEE DE LA PRESENTE NOTE D'OPERATION
(PRICING SUPPLEMENT), DES DOCUMENTS DENOMMES "PROSPECTUS"
ET "PROSPECTUS SUPPLEMENT" ENREGISTRES PAR LA COMMISSION
DES OPERATIONS DE BOURSE SOUS LE NO. P97-198 DU 13 JUIN 1997
1. Au nom de l'emetteur
A la connaissance de l'emetteur, les donnees de la presente Note d'Information
sont conformes a la realite et ne comportent pas d'omission de nature a en
alterer la portee.
Aucun element nouveau, autres que ceux mentionnes dans la presente Note
d'Operation, intervenu depuis le 13 juin 1997, date du no. d'enregistrement
P97-198 appose par la Commission des Operations de Bourse sur les documents
denommes "Prospectus" et "Prospectus Supplement," n'est susceptible d'affecter
de maniere significative la situation financiere de l'emetteur dans le
contexte de la presente emission.
Morgan Stanley, Dean Witter, Discover & Co.
------------
Alexander C. Frank
Assistant Treasurer
2. Au nom de la banque presentatrice
Personne assumant la responsabilite de la presente Note d'Information.
Morgan Stanley S.A.
------------
Alice Bonardi
Financing Manager
Attorney-in-fact
La notice legale sera publiee au Bulletin des Annonces Legales Obligatoires
(BALO) du 13 fevrier 1998.
La presente Note d'Information ne peut pas etre distribuee en France avant la
date effective de cotation de l'emprunt a la Bourse de Paris et la publicite
legale au BALO.
VISA DE LA COMMISSION DES OPERATIONS DE BOURSE
En vue de la cotation a Paris des obligations, et par application des articles
6 et 7 de l'ordonnance No. 67-833 du 28 septembre 1967, la Commission des
Operations de Bourse a enregistre les documents denommes "Prospectus" et
"Prospectus Supplement" sous le no. P97-198 du 13 juin 1997 et a appose sur la
presente Note d'Information le visa no. 98-096 du 11 fevrier 1998.
