Morgan Stanley to price 10% Sparqs exchangeable for Chesapeake Energy

By Angela McDaniels

Seattle, Jan. 5 - Morgan Stanley plans to price an issue of 10% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Chesapeake Energy Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

The senior medium-term series F notes will be exchanged at a 1 to 1 ratio.

The Sparqs will mature on Feb. 20, 2007 and will be callable after Aug. 19, 2006.

The yield to call will be set at pricing in the area of 20% to 24%.

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