New Issue: Morgan Stanley prices $15.5 million 7% Sparqs exchangeable for eBay

By Jennifer Chiou

New York, Oct. 27 - Morgan Stanley priced $15.5 million of 7% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for eBay Inc.'s common stock, according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	eBay Inc.
Amount:	$15.5 million
Maturity:	Nov. 1, 2006
Coupon:	7%, payable quarterly
Price:	Par of $9.855 (equal to one-fourth of closing price of eBay stock on pricing date)
Exchange ratio:	0.25 (mandatory, at maturity)
Call:	May 1, 2006 onwards at price to give yield to call of 18%
Pricing date:	Oct. 24
Settlement date:	Oct. 31
Underwriter:	Morgan Stanley
Listing:	"EBB" on American Stock Exchange

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.