By Susanna Moon
Chicago, Sept. 13 - Morgan Stanley priced $1 million of range accrual step up notes due Sept. 30, 2025 based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6% for the first five years. After that, interest will be the reference rate for each day that the S&P 500 closes at or above 900. The reference rate will be 8% from Sept. 30, 2015 to Sept. 30, 2020 and 12% thereafter. Interest is payable monthly.
The payout at maturity will be par.
The notes are callable at par on any quarterly redemption date beginning Sept. 30, 2011.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Range accrual step up notes
|
| Underlying index: | S&P 500
|
| Amount: | $1 million
|
| Maturity: | Sept. 30, 2025
|
| Coupon: | 6% for five years; 8% from Sept. 30, 2015 to Sept. 30, 2020 and 12% thereafter for each day that S&P 500 closes at or above 900
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any quarterly redemption date after one year
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61745EH38
|
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