By Angela McDaniels
Seattle, May 25 - Morgan Stanley priced a $22,100,038.55 issue of 8% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due June 20, 2008 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
At maturity, investors will receive 0.25 of a Valero share per Sparqs.
The Sparqs are callable beginning Dec. 20, 2007 with a yield to call of 16.5%.
The Sparqs have been approved for listing on the American Stock exchange under the symbol "SVL."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
|
| Underlying stock: | Valero Energy Corp.
|
| Amount: | $22,100,038.55
|
| Maturity: | June 20, 2008
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $18.6275
|
| Payout at maturity: | 0.25 of a Valero share per Sparqs
|
| Call: | Dec. 20, 2007 onwards to give yield to call of 16.5%
|
| Pricing date: | May 23
|
| Settlement date: | May 31
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.625%
|
| Listing: | "SVL" on American Stock Exchange
|
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