By Laura Lutz
Des Moines, April 25 - Morgan Stanley priced a $28.44 million offering of 10% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due May 20, 2009 mandatorily exchangeable for Baker Hughes Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive 0.25 shares of Baker Hughes stock for each $20.92 principal amount of Sparqs.
The Sparqs will be callable after Nov. 20, 2008 with a yield to call of 17%.
Morgan Stanley said the Sparqs have been approved for listing on the Amex under the symbol "BSL."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
|
| Underlying stock: | Baker Hughes Inc. (NYSE: BHI)
|
| Amount: | $28,438,480.64
|
| Maturity: | May 20, 2009
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par of $20.92
|
| Exchange ratio: | 0.25 shares per $20.92 of Sparqs
|
| Call: | Nov. 20, 2008 onwards at price to give yield to call of 17%
|
| Pricing date: | April 23
|
| Settlement date: | April 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.63%
|
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