By Laura Lutz
Des Moines, Oct. 25 - Morgan Stanley priced a $6.72 million offering of 15% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Nov. 20, 2008 mandatorily exchangeable for Research in Motion Ltd. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
At maturity, investors will receive one share of Research in Motion stock for each $123.90 principal amount of Sparqs.
The Sparqs will be callable after May 20, 2008 with a yield to call of 24%.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
|
| Underlying stock: | Research in Motion Ltd. (Nasdaq: RIMM)
|
| Amount: | $6,722,194.50
|
| Maturity: | Nov. 20, 2008
|
| Coupon: | 15%, payable quarterly
|
| Price: | Par of $123.90
|
| Payout at maturity: | One share of Research In Motion stock
|
| Call: | May 20, 2008 onwards at price to give yield to call of 24%
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.63%
|
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