Morgan Stanley to sell 8% Sparqs exchangeable for Genentech

New York, June 26 - Morgan Stanley plans to price an issue of 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Genentech, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

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

The Sparqs will mature on Aug. 20, 2007 and will be callable after Feb. 20, 2007. The yield to call will be set at pricing and is expected to be between 14% and 18%.

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

Morgan Stanley will manage the offering.

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