Published on 10/31/2003 in the Prospect News Convertibles Daily.
New Issue: Morgan Stanley prices $24.72 million 8% Sparqs exchangeable for Yahoo!
New York, Oct. 31 - Morgan Stanley priced $24.72 million of 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Yahoo! Inc. common stock, according to a filing with the Securities and Exchange Commission.
Issuer: | Morgan Stanley
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Issue: | Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes
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Underlying stock: | Yahoo! Inc.
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Amount: | $24.72 million
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Maturity: | Oct. 30, 2004
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Coupon: | 8%, payable quarterly
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Price: | Par of $20.264 (half of closing price of Yahoo! stock on pricing date)
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Exchange ratio: | 0.5 (mandatory, at maturity)
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Call: | April 30, 2004 onwards at price to give yield to call of 30%
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Pricing date: | Oct. 24
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Settlement: | Oct. 31
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Underwriter: | Morgan Stanley
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Listing: | "SDY" on American Stock Exchange
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