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Morgan Stanley plans 12% Sparqs exchangeable for Freeport-McMoRan
By Susanna Moon
Chicago, June 23 - Morgan Stanley plans to price 12% Stock Participation Accreting Redemption Quarterly-pay Securities due Aug. 20, 2009 mandatorily exchangeable for Freeport-McMoRan Copper & Gold Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive one share of Freeport-McMoRan stock for each Sparq.
The Sparqs will be callable after Feb. 20, 2009 with a yield to call of 18% to 20%. The exact yield to call will be set at pricing.
The Sparqs are expected to price and settle in July.
Morgan Stanley & Co. Inc. is the agent.
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