Morgan Stanley Global Opportunity Bond Fund, Inc. (NYSE: MGB), today announced the closing of the reorganization of MGB and Morgan Stanley Emerging Markets Debt Fund, Inc. (NYSE: MSD) (the “Reorganization”).

In the Reorganization, MSD acquired substantially all of the assets and liabilities of MGB in a tax free transaction in exchange for newly issued shares of common stock (“common shares”) of MSD. As a result of the Reorganization, stockholders of MGB received common shares of MSD with an aggregate net asset value (“NAV”) equal to the aggregate NAV of their holdings in MGB. The Reorganization occurred based on the relative NAVs of MGB and MSD.

Relevant details, as of January 29, 2010, pertaining to the Reorganization are as follows:

          Fund   NAV/Share ($)   Conversion Ratio Morgan Stanley Emerging Markets Debt Fund, Inc.  

$11.1600

 

N/A

Morgan Stanley Global Opportunity Bond Fund, Inc.  

$7.4468

 

0.66727599

Each current holder of MSD common shares will retain the same number of common shares as held prior to the Reorganization. A holder of MGB common shares will receive 0.66727599 MSD common shares for each MGB common share owned.

The existing common shares of MGB will be cancelled and MGB will be dissolved under applicable state law as soon as practicable. MSD will continue to operate as a registered, non-diversified, closed-end management investment company with the investment objective of high current income and, as a secondary investment objective, capital appreciation.

The U.S. investment adviser for MGB and MSD is Morgan Stanley Investment Management Inc. (“MSIM”), a wholly owned subsidiary of Morgan Stanley. MSIM, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $395 billion in assets under management or supervision as of December 31, 2009. By leveraging its global ‘community of boutiques’ structure and the strength of Morgan Stanley, MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 37 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

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