New Issue: Morgan Stanley sells $5 million 8.5% Sparqs exchangeable for XTO Energy

By Jennifer Chiou

New York, June 26 - Morgan Stanley priced a $5,000,035 issue of 8.5% notes structured as Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for XTO Energy Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

The Sparqs will mature on July 20, 2007 and will be callable after Jan. 20, 2007.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
Underlying stock:	XTO Energy Inc.
Amount:	$5,000,035.95
Maturity:	July 20, 2007
Coupon:	8.5%, payable quarterly
Price:	Par of $40.95
Exchange ratio:	1 (mandatory, at maturity)
Call:	Jan. 20, 2007 onwards at price to give yield to call of 20%
Pricing date:	June 23
Settlement date:	June 30
Underwriter:	Morgan Stanley

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