By Jennifer Chiou
New York, Dec. 27 - Morgan Stanley priced a $23.54 million offering of 9% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Jan. 20, 2009 mandatorily exchangeable for Exxon Mobil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
At maturity, investors will receive 0.25 shares of Exxon Mobil stock for each $23.3575 principal amount of Sparqs.
The Sparqs will be callable after Jan. 10, 2009 with a yield to call of 15%.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs)
|
| Underlying stock: | Exxon Mobil Corp. (Symbol: XOM)
|
| Amount: | $23,541,930.82
|
| Maturity: | Jan. 20, 2009
|
| Coupon: | 9%, payable quarterly
|
| Price: | Par of $23.3575
|
| Payout at maturity: | 0.25 shares of Exxon Mobil stock
|
| Call: | Jan. 10, 2009 onward at price to give yield to call of 15%
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 31
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.625%
|
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