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Morgan Stanley to price 14% Sparqs linked to Apple
By E. Janene Geiss
Philadelphia, Jan. 25 - Morgan Stanley plans to price 14% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due March 20, 2009 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly beginning June 20.
The securities will be callable beginning Sept. 20. The yield to call is expected to be between 21% and 23%, with the exact percentage to be set at pricing.
The securities will price at the closing price of one share of Apple common stock on the pricing date. The payout at maturity will be one share of Apple stock per Sparqs.
The issue is expected to price and settle in February.
The Sparqs will be listed on the American Stock Exchange under the symbol "ANY."
Morgan Stanley & Co. Inc. is the agent.
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