Morgan Stanley to sell 8.5% Sparqs exchangeable for Devon Energy

By Jennifer Chiou

New York, March 27 - Morgan Stanley plans to price an issue of 8.5% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Devon Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

The senior medium-term series F notes will be exchanged for 1 share of Devon Energy stock at maturity.

The Sparqs will mature on May 20, 2007 and will be callable after Nov. 20, 2006.

The yield to call will be set at pricing in the area of 16% to 20%.

Morgan Stanley will be the underwriter.

The securities are expected to be listed on the American Stock Exchange under the symbol "DEV."

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