By Susanna Moon
Chicago, June 24 - Morgan Stanley priced $12.84 million of 12% Stock Participation Accreting Redemption Quarterly-pay Securities due July 20, 2009 mandatorily exchangeable for Weatherford International Ltd. stock, according to an FWP filing with the Securities and Exchange Commission.
The securities priced at par of $11.6825.
At maturity, investors will receive 0.25 Weatherford shares for each Sparq.
The Sparqs will be callable after Jan. 20, 2009 with a yield to call of 22%.
The Sparqs have been approved for listing on the American Stock Exchange under the symbol "WVK."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Stock Participation Accreting Redemption Quarterly-pay Securities
|
| Underlying stock: | Weatherford International Ltd. (Symbol: WFT)
|
| Amount: | $12,836,590.81
|
| Maturity: | July 20, 2009
|
| Coupon: | 12%, payable quarterly
|
| Price: | Par of $11.6825
|
| Payout at maturity: | 0.25 Weatherford shares
|
| Call: | At yield to call of 22% beginning Jan. 20, 2009
|
| Pricing date: | June 23
|
| Settlement date: | June 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.62%
|
| Listing: | Amex: WVK
|
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