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Morgan Stanley plans 10% Sparqs exchangeable for Google
By Angela McDaniels
Seattle, Feb. 22 - Morgan Stanley plans to price an issue of 10% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Google Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
The senior medium-term series F notes will be exchanged for 0.1 of a share of Google stock at maturity.
The Sparqs will mature on April 20, 2007 and will be callable after Oct. 20, 2006.
The yield to call will be set at pricing in the area of 22% to 26%.
Morgan Stanley will be the underwriter.
The securities are expected to be listed on the American Stock Exchange under the symbol "GOS."
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