Published on 8/31/2004 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $8.97 million 9% Sparqs exchangeable for IVAX
New York, Aug. 31 - Morgan Stanley priced $8.97 million of 9% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of IVAX Corp., according to a 424B3 filing with the Securities and Exchange Commission.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes
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Underlying stock: | IVAX Corp.
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Amount: | $8.968 million
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Maturity: | Sept. 15, 2005
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Coupon: | 9%, payable quarterly
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Price: | Par of $24.89 (equal to closing price of IVAX stock on pricing date)
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Exchange ratio: | 1 (mandatory, at maturity)
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Call: | March 1, 2005 onwards at price to give yield to call of 22%
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Pricing date: | Aug. 24
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Settlement date: | Aug. 31
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Underwriter: | Morgan Stanley
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