By Angela McDaniels
Tacoma, Wash., April 14 - Morgan Stanley priced $1 million of fixed-rate step-up notes with issuer floating-rate conversion right due April 15, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for years one through five, 6% for years six through 10 and 7% for years 11 through 15 - unless the issuer exercises its conversion right beginning April 15, 2016, in which case the coupon will convert to a floating rate equal to Libor plus 175 basis points. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-rate step-up notes with issuer floating-rate conversion right
|
| Amount: | $1 million
|
| Maturity: | April 15, 2026
|
| Coupon: | 5% for years one through five, 6% for years six through 10 and 7% for years 11 through 15; payable quarterly
|
| Conversion right: | Issuer can convert interest rate to Libor plus 175 bps beginning April 15, 2016
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 12
|
| Settlement date: | April 15
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2.25%
|
| Cusip: | 61745EF22
|
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