Published on 5/25/2007 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $28.3 million 9% Sparqs exchangeable for Lyondell
By Jennifer Chiou
New York, May 25 - Morgan Stanley priced $28,300,501 of 9% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due June 20, 2008 that are mandatorily exchangeable for the common stock of Lyondell Chemical Co., according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) senior medium-term notes
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Underlying stock: | Lyondell Chemical Co.
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Amount: | $28,300,501.25
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Maturity: | June 20, 2008
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Coupon: | 9%, payable quarterly
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Price: | Par of $18.625 (equal to 50% of closing price of Lyondell stock on pricing date)
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Exchange ratio: | 0.5 (mandatory, at maturity)
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Call: | Dec. 20, 2007 onwards at price to give yield to call of 16%
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Pricing date: | May 23
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Settlement date: | May 31
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Underwriter: | Morgan Stanley
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Fees: | 1.625%
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Listing: | "MLQ" on American Stock Exchange
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