Morgan Stanley to price 8% Sparqs linked to Cemex

By E. Janene Geiss

Philadelphia, June 26 - Morgan Stanley plans to price an offering of 8% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Aug. 20, 2008 linked to the American Depositary Shares of Cemex, SA de CV, according to an FWP filing with the Securities and Exchange Commission.

The securities will price at the closing price of one of Cemex's American Depositary Shares on the pricing date, which will be in July.

Interest will be payable quarterly.

The payout at maturity will be one share of Cemex stock per Sparqs.

The securities will be callable beginning Feb. 20, 2008. The yield to call will be set at pricing and is expected to be 16% to 18%.

Morgan Stanley said it will apply to list the Sparqs on the American Stock Exchange under the symbol "CEQ."

Morgan Stanley & Co. Inc. will be the agent.

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