By Marisa Wong
Madison, Wis., July 30 – Morgan Stanley priced $2 million of additional fixed-to-floating-rate notes due July 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The initial $1 million of notes priced July 14. The issuer said it could further increase the issue size prior to the July 30 settlement date but was not required to do so.
The deal was upsized to $4 million on July 18, as previously reported.
The interest rate is 3% for the first 18 months. After that, the rate will be Libor plus 100 basis points, subject to a maximum interest rate of 4%. The cap will step up to 5% on Jan. 30, 2019 and to 6% on Jan. 30, 2023. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $6 million, increased from $1 million
|
| Maturity: | July 30, 2024
|
| Coupon: | 3% initially; after 1.5 years, Libor plus 100 bps, subject to floor of zero and 4% cap that steps up to 5% on Jan. 30, 2019 and to 6% on Jan. 30, 2023; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | July 14
|
| Upsized: | July 18 (to $4 million), July 28 (to $6 million)
|
| Settlement date: | July 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.25%
|
| Cusip: | 61760QEM2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
