By Angela McDaniels
Seattle, July 25 - Morgan Stanley priced a $17,052,569.25 issue 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.
Interest is payable quarterly.
At maturity, investors will receive 0.25 of a Cemex ADS per Sparqs.
The Sparqs are callable beginning Feb. 20, 2008 with a yield to call of 18%.
The Sparqs have been approved for listing on the American Stock Exchange under the symbol "CEQ."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
|
| Underlying stock: | Cemex, SA de CV
|
| Amount: | $17,052,569.25
|
| Maturity: | Aug. 20, 2008
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $8.5825
|
| Payout at maturity: | 0.25 of a Cemex share per Sparqs
|
| Call: | Feb. 20, 2008 onwards with a yield to call of 18%
|
| Pricing date: | July 24
|
| Settlement date: | July 31
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.625%
|
| Listing: | "CEQ" on American Stock Exchange
|
© 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.
