New York, Dec 19 - Morgan Stanley Dean Witter & Co. sold $63.139 million of 10% SPARQS mandatorily exchangeable for Corning Inc. common stock.
The senior notes, sold from Morgan Stanley's medium-term note program, were priced on Dec. 11 via Morgan Stanley with co-managers Advest, Inc., Fahnestock & Co. Inc., Mcdonald Investments Inc. and Stifel, Nicolaus & Co., Inc.
Unless the notes are called, holders receive one share of Corning stock for each SPARQ at maturity.
If called, the call price will be calculated to give holders a yield to call of 37%, including the time value of all payments made since issuance.
| Issuer: | Morgan Stanley Dean Witter & Co.
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| Amount: | $63.139 million
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| Maturity: | June 15, 2003 (accelerated if Corning stock falls below $2.00)
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| Coupon: | 10% paid quarterly
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| Price: | Par of $10.30 (closing price of Corning on Dec. 11)
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| Exchange ratio: | 1:1 at maturity only
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| Call: | Beginning Dec. 12, 2002 at $12.8954 rising to $14.5879 at maturity date
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| Listing: | "CSQ" on American Stock Exchange
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| Settlement: | Dec. 18
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| Cusip: | 61744Y470
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| End
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