Morgan Stanley to sell 8.5% Sparqs exchangeable for Whole Foods Market

By Jennifer Chiou

New York, July 25 - Morgan Stanley plans to price an issue of 8.5% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Whole Foods Market, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Whole Foods Market stock per Sparq.

The Sparqs will mature on Sept. 20, 2007 and will be callable after March 20, 2007. The yield to call will be set at pricing and is expected to be between 16% and 20%.

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

Morgan Stanley will manage the offering.

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