Morgan Stanley plans 10% Sparqs exchangeable for Apple stock

By Laura Lutz

Des Moines, June 13 - Morgan Stanley plans to price an issue of 10% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due July 20, 2008 mandatorily exchangeable for Apple Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

The securities will price at the closing price of one share of Apple common stock on the pricing date, which will be in June.

Interest will be payable quarterly.

At maturity, investors will receive one share of Apple stock per Sparqs.

The Sparqs will be callable beginning Jan. 20, 2008. The yield to call will be set at pricing and is expected to be between 17% and 21%.

Morgan Stanley said it will apply to list the Sparqs on the American Stock Exchange under the symbol "AHY."

Morgan Stanley & Co. Inc. will be the agent.

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