Published on 3/28/2005 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $31.75 million 8% Sparqs exchangeable for Valero
New York, March 28 - Morgan Stanley priced $31.75 million of one-year 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Valero Energy Corp., 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: | Valero Energy Corp.
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Amount: | $31.754 million
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Maturity: | April 15, 2006
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Coupon: | 8%, payable quarterly
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Price: | Par of $17.2575 (equal to one quarter of closing price of Valero stock on pricing date)
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Exchange ratio: | 0.25 (mandatory, at maturity)
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Call: | Sept. 30, 2005 onwards at price to give yield to call of 25%
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Pricing date: | March 22
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Settlement date: | March 30
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Underwriter: | Morgan Stanley
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Listing: | "ERV" on American Stock Exchange
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