I changed the event from on TEXT to on Open just to keep the private message window from opening. The code would be,
Code:
 on ^*:OPEN:?:*:{
  if ($nick == Friend) { echo -at Private Message < $+ $nick $+ > $1-  | haltdef }
}
Just ensure however that the Private Message window isn't already open, or else it will not echo to your active window, it will just do as miRC normally does and display the message in the message window itself.