PROSPECTUS Dated March 26, 1998 Amendment No. 1 to
PROSPECTUS SUPPLEMENT Pricing Supplement No. 45 to
Dated April 6, 1998 Registration Statement No. 333-46935
Dated November 12, 1998
Rule 424(b)(3)
Morgan Stanley Dean Witter & Co.
GLOBAL MEDIUM-TERM NOTES, SERIES D
Euro Floating Rate Senior Bearer Notes Due December 2000
------------
We, Morgan Stanley Dean Witter & Co., may not redeem these
notes prior to the Maturity Date other than under the circumstances described
under "Description of Notes--Tax Redemption" in the accompanying Prospectus
Supplement.
We will issue the notes only in bearer form which form is
further described under "Description of Notes--Forms, Denominations, Exchange
and Transfer" in the accompanying Prospectus Supplement. You may not exchange
notes in bearer form at any time for notes in registered form.
Application has been made to list these notes on the Bourse de
Paris.
We describe the basic features of this type of note in the
section called "Description of Notes--Floating Rate Notes" in the accompanying
Prospectus Supplement, subject to and as modified by the provisions described
below.
Principal Amount: FF 1,300,000,000
Maturity Date: The Interest Payment Date in December 2000
Date of Issuance and
Settlement Date: December 4, 1998
Interest Accrual Date: December 4, 1998
Issue Price: 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): Plus 0.50%
Spread Multiplier: N/A
Interest Payment Dates: Interest will be payable quarterly in
arrears on each day (each an "Interest Payment
Date") that corresponds numerically to the
preceding Interest Payment Date (or in the case of
the first Interest Payment Date, the Date of
Issuance) in the calendar month that is three
months after the previous Interest Payment Date
(or in the case of the first Interest Payment
Date, the Date of Issuance) or if there is not any
such numerically corresponding date in such
calendar month, the Interest Payment Date shall be
the last day that is a Business Day in that month.
In either case, if such date is not a Business Day
then the Interest Payment Date will be the next
day which is a Business Day unless it would
thereby fall into the next calendar month in which
case it will be brought forward to the first
preceding Business Day. If any Interest Payment
Date falls on the last Business Day of any month,
each subsequent Interest Payment Date shall be the
last Business Day of the relevant month.
Interest Payment Period: Quarterly
Initial Interest Rate: To be determined one Paris Banking Day
prior to the date of issuance.
Initial Interest
Reset Date: The first Interest Payment Date occurring after
December 4, 1998
(continued on next page)
Capitalized terms not defined in this Pricing Supplement have the meanings
given to such terms in the accompanying Prospectus Supplement.
Morgan Stanley S.A.
Banque Nationale de Paris
Credit Lyonnais
Paribas
Societe Generale
(continued from previous page)
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)
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: 9250794
ISIN: XS0092507945
Code Sicovam: 49177
Day Count: Actual/360
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. French authorities have issued an order
(Arrete) mandating that French Franc PIBOR will be replaced by EURIBOR
beginning January 1, 1999.
Paris Banking Day: Paris Banking Day means any day on which deposits
in French Francs are transacted in the Paris interbank market.
United States Federal Income Taxation:
The Internal Revenue Service Restructuring and Reform Act of 1998
eliminated the 18-month holding period requirement for certain individual
taxpayers to qualify for the lowest tax rate for capital gain. The minimum
holding period required to qualify for the lowest tax rate currently is 12
months.
Plan of Distribution:
On November 12, 1998, we agreed to sell to the managers listed in this
Pricing Supplement, and they severally agreed to purchase, the principal
amount of notes set forth opposite their respective names below at a net price
of 99.790% (the "Purchase Price"). The Purchase Price equals the stated Issue
Price of 100.915% less a selling concession of 0.975% and a combined
management and underwriting commission of 0.150% of the principal amount of
these notes. The managers offered these notes to initial investors at
prevailing market prices.
Principal Amount of
Name Notes
---- -------------------
Morgan Stanley S.A................... FF 1,260,000,000
Banque Nationale de Paris ........... 10,000,000
Credit Lyonnais...................... 10,000,000
Paribas.............................. 10,000,000
Societe Generale..................... 10,000,000
-----------------
Total........................... FF 1,300,000,000
=================
Morgan Stanley Dean Witter & Co. and each Manager have
represented and agreed that these notes are being issued outside France and
that they have not offered or sold, and will not offer or sell any of these
notes in the Republic of France, in connection with their initial
distribution, and have not distributed and will not distribute or cause to be
distributed in the Republic of France the Prospectus or any amendment,
supplement or replacement thereto including the Pricing Supplement or any
other offering material relating to these notes, except (i) to qualified
investors (investisseurs qualifies) or (ii) within a restricted circle of
investors (cercle restreint d'investisseurs), all as defined in Article 6 of
Ordinance dated September 28, 1967 (as amended) and Decree n98-880 dated
October 1, 1998.
You may inspect the documentation for these notes 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.
CARACTERISTIQUES PRINCIPALES DE L'EMISSION
Emetteur Morgan Stanley Dean Witter & Co.
Chef de file Morgan Stanley S.A.
Montant FF 1.300.000.000 represente par 1.300 obligations
d'un montant nominal de FF 1.000.000.
Forme des titres au porteur.
Prix d'emission 100,915 pour cent du montant nominal.
Date de reglement
et de jouissance 4 decembre 1998.
Date d'echeance le jour de paiement d'interets en decembre 2000.
Interets le taux d'interet est egal a PIBOR trois mois tel que
defini et calcule par l'Association Francaise des
Banques et Telerate respectivement, a 11 heures
(heure de Paris) le jour ouvre precedant le
premier jour de la periode d'interets concernee
(information disponible sur Telerate Page 20041),
plus 0,5 pour cent de marge annuelle, calcule sur
la base du nombre exact de jours de la periode
d'interets concernee et d'une annee de 360 jours.
Les interets seront payables trimestriellement a
terme echu a compter de la date de reglement et de
jouissance, en mars, juin, septembre et decembre
de chaque annee.
Amortissement normal En totalite, au pair a l'echeance.
Amortissement anticipe L'emetteur s'interdit de proceder, pendant toute la
duree de l'emprunt, au remboursement anticipe des
obligations sauf en cas de changement du regime
fiscal qui leur est applicable, auquel cas les
obligations seront remboursees au pair, augmentees
des interets courus non echus.
Regime fiscal A la date de la presente Note d'Operation, les
paiements effectues par l'emetteur ne sont soumis
a aucun prelevement ni a aucune retenue a la
source aux Etats-Unis.
Emissions ulterieures Dans le cas ou l'emetteur emettrait ulterieurement de
nouvelles obligations entierement assimilables aux
obligations de la presente emission, notamment
quant au montant nominal, aux interets, a leur
echeance, aux conditions et date de remboursement
(a l'exception de celles relatives au premier
paiements des interets) et aux garanties, il
pourrait unifier les operations de service
financier pour l'ensemble de ces obligations.
Prescription Le paiement du principal et des
interets dus au titre des obligations sera
prescrit au bout de 2 ans a compter de la date de
leur mise en remboursement (ou en paiement en ce
qui concerne les interets).
Service financier Le service financier sera assure et le
remboursement des obligations amorties pourra etre
demande, sans frais pour les porteurs, aupres du
Credit Lyonnais.
Cotation Les obligations seront cotees au Compartiment
International du Premier Marche de la SBF-Bourse
de Paris.
Avis aux obligataires Les avis destines aux porteurs d'obligations
et de coupons seront reputes valablement donnes
s'ils sont publies dans "Les Echos", tant que les
obligations sont cotees a Paris, et dans le
"Financial Times" de Londres, ou si la publication
dans ces journaux ne peut etre effectuee en temps
voulu, dans tout autre journal choisi par l'agent
financier.
Compensation Les obligations seront admises aux operations
de la Sicovam, d'Euroclear et de Cedel Bank sous
les references suivantes:
Code ISIN: XS009250794
Code commun: 9250794
Code Sicovam: 49177
Note d'Information La Commission des Operations de Bourse a
enregistre les documents denommes "Prospectus" et
"Prospectus Supplement" sous le nP98-098 du 3
avril 1998 et a appose sur la presente Note
d'Operation le visa n98-927 du 26 novembre 1998.
Ces documents sont tenus a la disposition du
public et peuvent etre obtenus aupres de Morgan
Stanley S.A., 25, rue Balzac 75008 Paris.
Membre de marche
specialiste de la
cotation Patrick du Bouzet S.A.
Droit applicable Droit de l'Etat de New
York, Etats-Unis
d'Amerique.
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. P98-098 DU 3 AVRIL 1998
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 3 avril 1998, date du no. d'enregistrement
P98-098 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 & Co.
/s/ Alexander C. Frank
------------------------------
Alexander C. Frank
Treasurer
2. Au nom de la banque presentatrice
Personne assumant la responsabilite de la presente Note d'Information.
Morgan Stanley S.A.
/s/ Victoria Emmerson
------------------------------
Victoria Emmerson
Associate
Attorney-in-fact
La notice legale sera publiee au Bulletin des Annonces Legales Obligatoires
(BALO) du 4 decembre 1998.
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. P98-098 du 3 avril 1998 et a appose sur la
presente Note d'Operation le visa no. 98-927 du 26 novembre 1998.
