Published on 8/22/2003 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $43.26 million 8% Sparqs exchangeable for Nextel
New York, Aug. 22 - Morgan Stanley priced $43.26 million of 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Nextel Communications, Inc. common stock, according to a filing with the Securities and Exchange Commission.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes
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Underlying stock: | Nextel Communications, Inc.
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Amount: | $43.263 million
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Maturity: | Sept. 1, 2004
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Coupon: | 8%, payable quarterly
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Price: | Par of $18.81 (closing price of Nextel stock on pricing date)
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Exchange ratio: | 1 (mandatory, at maturity)
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Call: | March 1, 2004 on wars at price to give yield to call of 30.5%
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Pricing date: | Aug. 19
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Settlement: | Aug. 22
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Underwriter: | Morgan Stanley
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Listing: | "NES" on American Stock Exchange
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