New Issue: Morgan Stanley prices $26.5 million 8.5% Sparqs exchangeable for Whole Foods Market

By Jennifer Chiou

New York, Aug. 25 - Morgan Stanley priced $26.5 million of 8.5% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Sept. 20, 2007 mandatorily exchangeable for Whole Foods Market, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Whole Foods Market stock per $13.5075 Sparqs.

The Sparqs will be callable after March 20, 2007 with a yield to call of 19%.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
Underlying stock:	Whole Foods Market, Inc.
Amount:	$26,500,013
Maturity:	Sept. 20, 2007
Coupon:	8.5%, payable quarterly
Price:	Par of $13.5075
Exchange ratio:	1 (mandatory, at maturity)
Call:	March 20, 2007 onwards at price to give yield to call of 19%
Pricing date:	Aug. 24
Settlement date:	Aug. 31
Underwriter:	Morgan Stanley
Listing:	"MWL" on American Stock Exchange

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