Published on 12/23/2005 in the Prospect News Biotech Daily and Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $23 million 7.5% Sparqs exchangeable for Gilead Sciences
By Jennifer Chiou
New York, Dec. 23 - Morgan Stanley priced $23,000,002.50 of 7.5% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) due Jan. 15, 2007 that are mandatorily exchangeable for Gilead Sciences, Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
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Underlying stock: | Gilead Sciences, Inc.
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Amount: | $23,000,002.50
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Maturity: | Jan. 15, 2007
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Coupon: | 7.5%, payable quarterly
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Price: | Par of $13.85 (equal to one-quarter of closing price of Gilead Sciences stock on pricing date)
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Exchange ratio: | 0.25 (mandatory, at maturity)
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Call: | July 15, 2006 onwards at price to give yield to call of 20%
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Pricing date: | Dec. 22
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Settlement date: | Dec. 30
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Underwriter: | Morgan Stanley
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Listing: | "GSY" on American Stock Exchange
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