New Issue: Morgan Stanley prices $13.5 million 8.5% Sparqs exchangeable for Transocean

By Jennifer Chiou

New York, Nov. 29 - Morgan Stanley priced $13,499,992 of 8.5% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for Transocean Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	Transocean Inc.
Amount:	$13,499,992
Maturity:	Dec. 1, 2006
Coupon:	8.5%, payable quarterly
Price:	Par of $12.90 (equal to one-fifth of closing price of Transocean stock on pricing date)
Exchange ratio:	0.2 (mandatory, at maturity)
Call:	June 1, 2006 onwards at price to give yield to call of 20%
Pricing date:	Nov. 22
Settlement date:	Nov. 30
Underwriter:	Morgan Stanley
Listing:	"RSW" on American Stock Exchange

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