By Sarah Lizee
Olympia, Wash., June 26 – Morgan Stanley Finance LLC priced $1.76 million of 10.08% worst-of fixed coupon autocallable RevCons due Sept. 28, 2020 linked to the least performing of the common stocks of Apple Inc., Kroger Co. and Total SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
The notes will be called at par plus the coupon if each stock closes at or above its redemption threshold on any quarterly determination date beginning Dec. 23. The call level for each stock will be 95% of the initial level on the first call date, 90% of the initial level on the second call date and 80% of the initial level on the final call date.
The payout at maturity will be par unless any stock finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
|
| Underlying stocks: | Apple Inc., Kroger Co. and Total SA
|
| Amount: | $1.76 million
|
| Maturity: | Sept. 28, 2020
|
| Coupon: | 10.08%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, full exposure to decline of least performing stock
|
| Call: | At par if each stock closes at or call level on any quarterly review date beginning Dec. 23; call level for each stock will be 95% of the initial level on the first call date, 90% of the initial level on the second call date and 80% of the initial level on the final call date
|
| Initial levels: | $198.78 for Apple, $22.24 for Kroger, €49.115 for Total
|
| Downside thresholds: | $129.207 for Apple, $14.456 for Kroger, €31.925 for Total; 65% of initial levels
|
| Pricing date: | June 21
|
| Settlement date: | June 28
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61769HHN8
|
© 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.
