New Issue: Morgan Stanley prices $24 million fixed-to-floaters with 3% initial rate

By Tali Rackner

Norfolk, Va., Aug. 17 – Morgan Stanley priced $24 million of fixed-to-floating notes due Aug. 28, 2025 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be fixed at 3% for the first two years. Beginning Aug. 28, 2017, it will be Libor plus 150 basis points, up to a maximum rate of 5% and then 6% from Aug. 28, 2021. 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 notes
Underlying:	Libor
Amount:	$24 million
Maturity:	Aug. 28 2025
Coupon:	3% initially; beginning Aug. 28, 2017, Libor plus 150 bps, subject to a maximum rate of 5% initially, stepping up to 6% on Aug. 28, 2021, floor of zero; payable quarterly
Price:	$1,000
Payout at maturity:	Par
Pricing date:	Aug. 13
Settlement date:	Aug. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	1.3%
Cusip:	61760QHB3

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