Published on 5/31/2005 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $27.2 7% Sparqs exchangeable for GlobalSantaFe
New York, May 31 - Morgan Stanley priced $27.2 million of one-year 7% Sparqs (Stock Participation Accreting Redemption Quarterly-pay securities) that are mandatorily exchangeable for the common stock of GlobalSantaFe 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) global medium-term notes, series F
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| Underlying stock: | GlobalSantaFe Corp.
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| Amount: | $21.1715 million
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| Maturity: | June 1, 2006
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| Coupon: | 7%, payable quarterly
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| Price: | Par of $17.53 (equal to one half of closing price of GlobalSantaFe stock on pricing date)
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| Exchange ratio: | 0.5 (mandatory, at maturity)
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| Call: | Nov. 30, 2005 onwards at price to give yield to call of 16%
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| Pricing date: | May 23
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| Settlement date: | May 31
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| Underwriter: | Morgan Stanley
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| Listing: | "GFE" on American Stock Exchange
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