Morgan Stanley to price 10% Sparqs linked to Baker Hughes

By E. Janene Geiss

Philadelphia, March 25 - Morgan Stanley plans to price 10% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due May 20, 2009 linked to the common stock of Baker Hughes Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly beginning Aug. 20, 2008.

The securities will be callable beginning Nov. 20, 2008. The yield to call is expected to be between 17% and 19%, with the exact percentage to be set at pricing.

The securities will price at the closing price of one share of Baker Hughes common stock on the pricing date. The payout at maturity will be one share of Baker Hughes stock per Sparqs.

The issue is expected to price and settle in April.

The Sparqs will be listed on the American Stock Exchange under the symbol "BXX."

Morgan Stanley & Co. Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.