Published on 8/31/2004 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $20 million 10% Sparqs exchangeable for Apple
New York, Aug. 31 - Morgan Stanley priced $20 million of 10% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Apple Computer 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: | Apple Computer Inc.
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Amount: | $20 million
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Maturity: | Sept. 15, 2005
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Coupon: | 10%, payable quarterly
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Price: | Par of $15.975 (equal to half closing price of Apple stock on pricing date)
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Exchange ratio: | 0.5 (mandatory, at maturity)
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Call: | March 1, 2005 onwards at price to give yield to call of 18%
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Pricing date: | Aug. 24
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Settlement date: | Aug. 31
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Underwriter: | Morgan Stanley
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Listing: | "AZS" on American Stock Exchange
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