Morgan Stanley plans 14.5% Sparqs exchangeable for Lowe's

By E. Janene Geiss

Philadelphia, March 27 - Morgan Stanley plans to price 14.5% Stock Participation Accreting Redemption Quarterly-pay Securities due May 20, 2010 mandatorily exchangeable for Lowe's Cos., Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Lowe's stock for each Sparq, or the cash equivalent, at Morgan Stanley's option.

The Sparqs will be callable after Nov. 20, 2009 with a yield to call of 23% to 27%, with the exact percentage to be set at pricing.

The Sparqs are expected to price and settle in April.

Morgan Stanley & Co. Inc. is the agent.

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