New Issue: Morgan Stanley prices $28 million 8% Sparqs exchangeable for National Oilwell

New York, Sept. 28 - Morgan Stanley priced $28 million of 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for the common stock of National Oilwell Varco, Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	National Oilwell Varco, Inc.
Amount:	$28 million
Maturity:	Oct. 1, 2006
Coupon:	8%, payable quarterly
Price:	Par of $15.85 (equal to one-fourth of closing price of National Oilwell Varco stock on pricing date)
Exchange ratio:	0.25 (mandatory, at maturity)
Call:	April 1, 2006 onwards at price to give yield to call of 18%
Pricing date:	Sept. 23
Settlement date:	Sept. 30
Underwriter:	Morgan Stanley
Listing:	"NOW" on American Stock Exchange

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