New Issue: Morgan Stanley prices $43.5 million 8% Sparqs exchangeable for Archer-Daniels-Midland

By Angela McDaniels

Seattle, March 26 - Morgan Stanley priced a $43,500,025.66 offering of 8% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due April 20, 2008 mandatorily exchangeable for Archer-Daniels-Midland Co. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The payout at maturity will be one share of Archer-Daniels-Midland stock per security.

The Sparqs will be callable beginning Oct. 20, 2007 with a yield to call of 17%

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) Underlying stock:	Archer-Daniels-Midland Co.
Amount:	$43,500,025.66
Maturity:	April 20, 2008
Coupon:	8%, payable quarterly
Price:	Par of $35.63
Exchange ratio:	1 to 1 (mandatory, at maturity)
Call:	Oct. 20, 2007 onward at price to give yield to call of 17%
Pricing date:	March 23
Settlement date:	March 30
Agent:	Morgan Stanley & Co. Inc.
Agent fees:	1.625%
Listing:	"AMA" on the American Stock Exchange

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