Published on 5/25/2006 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley sells $40 million 9% Sparqs exchangeable for Valero Energy
By Jennifer Chiou
New York, May 25 - Morgan Stanley priced a $40 million issue of 9% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) due June 20, 2007 mandatorily exchangeable for Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Morgan Stanley
|
Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
|
Underlying stock: | Valero Energy Corp.
|
Amount: | $40,000,022.775
|
Maturity: | June 20, 2007
|
Coupon: | 9%, payable quarterly
|
Price: | Par of $29.345 (equal to half of closing price of Valero stock on pricing date)
|
Exchange ratio: | 0.5 (mandatory, at maturity)
|
Call: | Dec. 20, 2006 onwards at price to give yield to call of 24%
|
Pricing date: | May 23
|
Settlement date: | May 31
|
Underwriter: | Morgan Stanley
|
Listing: | "SVE" on American Stock Exchange
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.