New Issue: Morgan Stanley prices $6 million 10.2% worst-of fixed coupon RevCons on three stocks

By William Gullotti

Buffalo, N.Y., Feb. 22 – Morgan Stanley Finance LLC priced $6 million of 10.2% worst-of fixed coupon RevCons due Feb. 20, 2024 linked to the worst performing of the stocks of 3M Co., Caterpillar Inc. and Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 65% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, 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 RevCons
Underlying stocks:	3M Co., Caterpillar Inc., Capital One Financial Corp.
Amount:	$6 million
Maturity:	Feb. 20, 2024
Coupon:	10.2%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level
Initial share prices:	$158.01 for 3M, $199.89 for Caterpillar, $155.14 for Capital One
Downside thresholds:	$102.707 for 3M, $129.929 for Caterpillar, $100.841 for Capital One; 65% of initial levels
Strike date:	Feb. 14
Pricing date:	Feb. 15
Settlement date:	Feb. 18
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61773QBC2

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