Published on 5/20/2003 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $55.96 million 8% Sparqs exchangeable for Schering-Plough
New York, May 20 - Morgan Stanley priced $55.96 million 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for the common stock of Schering-Plough Corp., according to a filing with the Securities and Exchange Commission.
| Issuer: | Morgan Stanley
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| Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable senior medium-term notes
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| Amount: | $55,962,500
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| Maturity: | June 15, 2004
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| Coupon: | 8%, payable quarterly
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| Price: | Par of $18.50 (closing price of Schering-Plough Corp. stock on pricing date)
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| Payout at maturity: | One share of Schering-Plough Corp. stock per Sparqs
|
| Call: | Nov. 30, 2003 onwards at price to give yield to call of 24.5%
|
| Pricing date: | May 14
|
| Settlement: | May 21
|
| Underwriter: | Morgan Stanley
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| Listing: | "PLG" on American Stock Exchange
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