By Sarah Lizee
Olympia, Wash., Aug. 21 – Morgan Stanley Finance LLC priced $1 million of 7.8% worst-of fixed coupon autocallable RevCons due Feb. 23, 2021 linked to the least performing of the common stocks of Microsoft Corp., Hilton Worldwide Holdings Inc. and HP Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its redemption threshold on any monthly determination date beginning Dec. 23. The call level for each stock will be 95% of the initial level.
The payout at maturity will be par unless any stock finishes below its 55% downside threshold, in which case 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 autocallable RevCons
|
| Underlying stocks: | Microsoft Corp., Hilton Worldwide Holdings Inc. and HP Inc.
|
| Amount: | $1,003,000
|
| Maturity: | Feb. 23, 2021
|
| Coupon: | 7.8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, full exposure to decline of least performing stock
|
| Call: | At par if each stock closes at or call level on any monthly review date beginning Dec. 23; call level for each stock will be 95% of the initial level
|
| Initial levels: | $136.13 for Microsoft, $93.01 for Hilton, $19.08 for HP
|
| Downside thresholds: | $74.872 for Microsoft, $51.156 for Hilton, $10.494 for HP; 55% of initial levels
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 23
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61769HRB3
|
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