New Issue: Morgan Stanley prices $3.33 million 11% Sparqs exchangeable for Altera

By E. Janene Geiss

Philadelphia, May 27 - Morgan Stanley priced a $3,327,010.02 offering of 11% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due June 20, 2009 mandatorily exchangeable for Altera Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Baker Hughes stock for each $22.59 principal amount of Sparqs.

The Sparqs will be callable after Dec. 20, 2008 with a yield to call of 15%.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
Underlying stock:	Altera Corp. (Symbol: ALTR)
Amount:	$3,327,010.02
Maturity:	June 20, 2009
Coupon:	11%, payable quarterly
Price:	Par of $22.59
Exchange ratio:	1 share per $22.59 of Sparqs
Call:	Dec. 20, 2008 onwards at price to give yield to call of 15%
Pricing date:	May 22
Settlement date:	May 30
Agent:	Morgan Stanley & Co. Inc.
Fees:	3.671%

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