New Issue: Morgan Stanley prices $35.28 million 10% SPARQS exchangeable for Siebel

New York, Feb. 21 - Morgan Stanley Dean Witter & Co. priced $35.28 million of 10% Stock Participation Accreting Redemption Quarterly-pay Securities (SPARQS) exchangeable for Siebel Systems, Inc. common stock, according to a filing with the Securities and Exchange Commission.

At maturity, holders receive one share of Siebel stock per SPARQS. However the securities are callable for cash from Feb. 24, 2003 onwards at a price that gives a yield to call of 38%..

The senior notes, sold from Morgan Stanley's medium-term note program, were priced Feb. 14 via Morgan Stanley.

Issuer:	Morgan Stanley Dean Witter & Co.
Amount:	$35.28 million
Maturity:	Aug. 30, 2003
Coupon:	10%, payable quarterly beginning May 30, 2002
Price:	Par of $35 (equal to Siebel closing price on pricing date of Feb. 14)
Call:	Feb. 24, 2003 onwards at price to give yield to call of 38%
Payout at maturity:	One share per SPARQS
Listing:	"SBM" on American Stock Exchange

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