Published on 7/30/2003 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $21.95 million 7% Sparqs exchangeable for Best Buy
New York, July 30 - Morgan Stanley priced $21.95 million 7% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) mandatorily exchangeable for Best Buy Co., Inc. common stock, according to a filing with the Securities and Exchange Commission.
| Issuer: | Morgan Stanley
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| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) senior medium-term notes
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| Reference stock: | Best Buy Co., Inc.
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| Amount: | $21.948 million
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| Maturity: | August 1, 2004
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| Coupon: | 7%, payable quarterly
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| Price: | Par of $21.45 (half closing price of Best Buy stock on pricing date of July 23)
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| Exchange ratio: | 0.5, mandatory, at maturity
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| Call: | Feb. 1, 2004 onwards at price to give 23% yield to call
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| Pricing date: | July 23
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| Settlement: | July 30
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| Underwriter: | Morgan Stanley
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| Listing: | "BYS" on American Stock Exchange
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