Morgan Stanley plans 12% Sparqs exchangeable for Apple

By Susanna Moon

Chicago, Feb. 20 - Morgan Stanley plans to price 12% Stock Participation Accreting Redemption Quarterly-pay Securities due April 20, 2010 mandatorily exchangeable for Apple Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Apple stock for each Sparq, or the cash equivalent, at Morgan Stanley's option.

The Sparqs will be callable after Oct. 20, 2009 with a yield to call of 24% to 26%, with the exact percentage to be set at pricing.

The Sparqs are expected to price and settle in March.

Morgan Stanley & Co. Inc. is the agent.

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