Morgan Stanley to sell 9% Sparqs exchangeable for Valero Energy

By Angela McDaniels

Seattle, April 25 - Morgan Stanley plans to price an issue of 9% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Valero Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Valero Energy stock per Sparq.

The Sparqs will mature on June 20, 2007 and will be callable after Dec. 20, 2006. The yield to call will be set at pricing and is expected to be between 20% and 24%.

Morgan Stanley said it will apply to list the Sparqs on the American Stock Exchange under the symbol "SVE."

Morgan Stanley will be agent for the offering.

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