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Morgan Stanley plans fixed-to-floating notes due 2025 linked to Libor
By Tali Rackner
Norfolk, Va., Aug. 12 – Morgan Stanley plans to price fixed- to floating-rate notes due Aug. 28, 2025 linked to three-month Libor, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 3.1% initially. Beginning on Aug. 28, 2017, the interest rate will be equal to Libor plus 150 basis points, subject to a minimum rate of 0% per year and a maximum rate of 5% that steps up to 6% on Aug. 28, 2021. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on Aug. 28.
The Cusip number is 61760QHD9.
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