Published on 4/29/2005 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $4.68 million 7% Sparqs exchangeable for Lennar
New York, April 29 - Morgan Stanley priced $4.68 million of one-year 7% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of Lennar Corp., according to a 424B3 filing with the Securities and Exchange Commission.
| Issuer: | Morgan Stanley
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| Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes
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| Underlying stock: | Lennar Corp.
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| Amount: | $4.677 million
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| Maturity: | May 15, 2006
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| Coupon: | 7%, payable quarterly
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| Price: | Par of $52.55 (equal to closing price of Lennar stock on pricing date)
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| Exchange ratio: | 1 (mandatory, at maturity)
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| Call: | Oct. 30, 2005 onwards at price to give yield to call of 19%
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| Pricing date: | April 22
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| Settlement date: | April 29
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| Underwriter: | Morgan Stanley
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