Published on 2/25/2005 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $27 million 8% Sparqs exchangeable for Consol Energy
New York, Feb. 25 - Morgan Stanley priced $27 million of one-year 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Consol Energy 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: | Consol Energy Inc.
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Amount: | $27 million
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Maturity: | March 1, 2006
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Coupon: | 8%, payable quarterly
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Price: | Par of $21.60 (equal to half of closing price of Consol Energy stock on pricing date)
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Exchange ratio: | 0.5 (mandatory, at maturity)
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Call: | Sept. 1, 2005 onwards at price to give yield to call of 20%
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Pricing date: | Feb. 18
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Settlement date: | Feb. 28
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Underwriter: | Morgan Stanley
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Listing: | "ECN" on American Stock Exchange
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