By Angela McDaniels
Tacoma, Wash., June 24 - Morgan Stanley priced $13.39 million of 8% Stock Participation Accreting Redemption Quarterly-pay Securities due July 20, 2009 mandatorily exchangeable for Intel Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
The securities priced at par of $11.18.
Interest is payable quarterly.
The payout at maturity will be one-half of an Intel share for each Sparq.
Beginning Jan. 20, 2009, the Sparqs will be callable with a yield to call of 16%.
The Sparqs have been approved for listing on the American Stock Exchange under the symbol "ADJ."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities
|
| Underlying stock: | Intel Corp. (Symbol: INTC)
|
| Amount: | $13,387,625.16
|
| Maturity: | July 20, 2009
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $11.18
|
| Payout at maturity: | One-half of an Intel share
|
| Call: | At yield to call of 16% from Jan. 20, 2009 onward
|
| Pricing date: | June 23
|
| Settlement date: | June 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.625%
|
| Listing: | Amex: ADJ
|
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