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Morgan Stanley plans five-year floating-rate notes with floor, cap
By Toni Weeks
San Diego, Aug. 5 - Morgan Stanley plans to price floating-rate notes due Aug. 26, 2016, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at a rate of Libor plus 175 basis points.
Interest is payable quarterly.
After the first quarterly interest payment period, the interest rate in the immediately preceding interest rate period will be the minimum interest rate for the then current interest payment period, and the interest rate in the immediately preceding interest rate period plus 50 bps will be the maximum interest rate for the then current interest payment period. The first interest rate period will have no minimum or maximum interest rates.
The payout at maturity will be par.
The notes (Cusip: 61745E6L0) are expected to settle Aug. 26.
Morgan Stanley & Co. LLC is the agent.
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