By Toni Weeks
San Diego, Feb. 11 - Morgan Stanley priced an additional $2.77 million of fixed-to-floating-rate notes due Feb. 11, 2020 tied to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $10 million. The original $7.23 million priced Feb. 8.
Interest is payable quarterly and will equal 4.5% for the first two years. After that, interest will equal the 10-year CMS rate, subject to a cap of 8% per year.
The payout at maturity will be par plus accrued interest.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating-rate notes
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Amount: | $10 million, increased from $7.23 million
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Maturity: | Feb. 11, 2020
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Coupon: | 4.5% for first two years; thereafter, the coupon will be equal to the 10-year CMS rate, capped at 8%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 8 for $7.23 million; Feb.10 for $2.77 million
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Settlement date: | Feb. 11
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 2.25%
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Cusip: | 61745E2X8
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