Published on 9/25/2006 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $31 million 8% Sparqs exchangeable for Starbucks
By Jennifer Chiou
New York, Sept. 25 - Morgan Stanley priced $31 million of 8% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Oct. 20, 2007 mandatorily exchangeable for Starbucks Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive one share of Starbucks stock per $17.005 Sparqs.
The Sparqs will be callable after April 20, 2007 with a yield to call of 18%.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
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Underlying stock: | Starbucks Corp.
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Amount: | $31,000,012.97
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Maturity: | Oct. 20, 2007
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Coupon: | 8%, payable quarterly
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Price: | Par of $17.005
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Exchange ratio: | 1 (mandatory, at maturity)
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Call: | April 20, 2007 onwards at price to give yield to call of 18%
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Pricing date: | Sept. 22
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Settlement date: | Sept. 29
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Underwriter: | Morgan Stanley
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Listing: | "SBA" on American Stock Exchange
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