Published on 5/28/2004 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $12.07 million 10% Sparqs exchangeable for Juniper
New York, May 28 - Morgan Stanley priced $12.07 million of 10% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Juniper Networks Inc., according to a 424B3 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: | Juniper Networks Inc.
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Amount: | $12.066 million
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Maturity: | June 15, 2005
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Coupon: | 10%, payable quarterly
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Price: | Par of $10.225 (equal to half of closing price of Juniper Networks stock on pricing date)
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Exchange ratio: | 0.5 (mandatory, at maturity)
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Call: | Nov. 30, 2004 onwards at price to give yield to call of 33%
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Pricing date: | May 21
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Settlement date: | May 28
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Underwriter: | Morgan Stanley
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Listing: | "JNP" on American Stock Exchange
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