By Toni Weeks
San Diego, June 23 - Morgan Stanley priced an addition R$1 million of Brazilian real-denominated senior fixed-rate step-up securities due March 25, 2015, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to R$11 million. The original R$1 million priced March 4, and an additional R$9 million priced March 25.
The securities are real-denominated, but all interest payments and the payout at maturity will be converted into dollars at the exchange rate then in effect.
The coupon will be 9% for the first year, stepping up to 9.25% on March 25, 2012, to 9.75% on March 25, 2013 and to 10% on March 25, 2014. Interest is payable annually.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Senior fixed-rate step-up securities
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Amount: | R$11 million, increased from R$1 million
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Maturity: | March 25, 2015
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Coupon: | 9% initially, stepping up to 9.25% on March 25, 2012, to 9.75% on March 25, 2013 and to 10% on March 25, 2014; payable annually in dollars
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Price: | Variable prices
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Payout: | Amount in dollars equal to par, converted at exchange rate then in effect
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Pricing dates: | March 4 for R$1 million; March 25 for R$9 million; June 21 for R$1 million
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Settlement dates: | March 25 for R$10 million; July 12 for R$1 million
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.25% for first R$10 million, 0.75% for R$1 million
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Cusip: | 61747YCX1
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