New York, Jan. 10 - Morgan Stanley Dean Witter & Co. sold $48.378 million of 12% Stock Participation Accreting Redemption Quarterly-pay Securities (SPARQS) linked to Juniper Networks, Inc. common stock on Jan. 3.
The senior notes, sold from Morgan Stanley's medium-term note program, are mandatorily exchangeable for Juniper common stock at maturity, subject to a call for cash beginning Jan. 6, 2003. That call limits the return that can be obtained from the notes. Holders also participate in any downside in Juniper stock.
The par price is the closing price of Juniper stock on the pricing date.
The SPARQS will be listed on the American Stock Exchange under the symbol "MJP."
Morgan Stanley was the underwriter.
| Issuer: | Morgan Stanley Dean Witter & Co.
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| Amount: | $48.378 million
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| Maturity: | June 30, 2003
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| Coupon: | 12%, payable quarterly beginning March 30, 2002
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| Price: | Par of $21.99
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| Call: | From Jan. 6, 2003 at a price to give a yield to call of 48.5% including coupon payments
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| Conversion ratio: | One share per note at maturity
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| Settlement: | Jan. 10
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