Published on 8/25/2006 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $26.5 million 8.5% Sparqs exchangeable for Whole Foods Market
By Jennifer Chiou
New York, Aug. 25 - Morgan Stanley priced $26.5 million of 8.5% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Sept. 20, 2007 mandatorily exchangeable for Whole Foods Market, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive one share of Whole Foods Market stock per $13.5075 Sparqs.
The Sparqs will be callable after March 20, 2007 with a yield to call of 19%.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
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Underlying stock: | Whole Foods Market, Inc.
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Amount: | $26,500,013
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Maturity: | Sept. 20, 2007
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Coupon: | 8.5%, payable quarterly
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Price: | Par of $13.5075
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Exchange ratio: | 1 (mandatory, at maturity)
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Call: | March 20, 2007 onwards at price to give yield to call of 19%
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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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Listing: | "MWL" on American Stock Exchange
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