Morgan Stanley to price 9% Sparqs exchangeable for Lyondell Chemical

By Jennifer Chiou

New York, April 24 - Morgan Stanley plans to price 9% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due June 20, 2008 mandatorily exchangeable for Lyondell Chemical Co. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

At maturity, investors will receive one share of Lyondell Chemical stock per security.

The securities will be callable beginning Dec. 20, 2007. The yield to call will be set at pricing and is expected to be between 14% and 18%.

Morgan Stanley said it will apply to list the securities on the American Stock Exchange under the symbol "MLQ."

The securities will price and settle in May.

Morgan Stanley & Co. Inc. will be the agent.

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