New Issue: Morgan Stanley prices $24 million 7% Sparqs exchangeable for Forest Laboratories

New York, June 1 - Morgan Stanley priced $24 million of one-year 7% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Forest Laboratories, Inc., according to a 424B3 filing with the Securities and Exchange Commission.

New York-based Forest Laboratories develops, manufactures and sells prescription and non-prescription pharmaceutical products.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	Forest Laboratories, Inc.
Amount:	$23.9816 million
Maturity:	June 1, 2006
Coupon:	7%, payable quarterly
Price:	Par of $19.34 (equal to one-half of the closing price of Forest Laboratories stock on the pricing date)
Exchange ratio:	0.5 (mandatory, at maturity)
Call:	Nov. 30, 2005 onwards at price to give yield to call of 16%
Pricing date:	May 23
Settlement date:	May 31
Underwriter:	Morgan Stanley
Listing:	"FOL" on American Stock Exchange

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