Morgan Stanley plans 12% Sparqs exchangeable for Weatherford

By Jennifer Chiou

New York, June 4 - Morgan Stanley plans to price 12% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due July 20, 2009 mandatorily exchangeable for Weatherford International Ltd. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Weatherford stock for each Sparq.

The Sparqs will be callable after Jan. 20, 2009 with a yield to call of 21% to 23%. The exact yield to call will be set at pricing.

The Sparqs are expected to price and settle in June.

Morgan Stanley & Co. Inc. is the agent.

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