New Issue: Morgan Stanley prices $65.5 million 10% Sparqs exchangeable for Chesapeake Energy

By Angela McDaniels

Seattle, Jan. 25 - Morgan Stanley priced $65,500,029.74 of 10% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) due Feb. 20, 2007, that are mandatorily exchangeable for Chesapeake Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	Chesapeake Energy Corp.
Amount:	$65,500,029.74
Maturity:	Feb. 20, 2007
Coupon:	10%, payable quarterly
Price:	Par of $33.59 (equal to the closing price of Chesapeake Energy stock on pricing date)
Exchange ratio:	1 (mandatory, at maturity)
Call:	Aug. 20, 2006, onwards at price to give yield to call of 23%
Pricing date:	Jan. 24
Settlement date:	Jan. 31
Underwriter:	Morgan Stanley & Co.
Listing:	"CPQ" on American Stock Exchange

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