By Toni Weeks
San Diego, May 19 - Morgan Stanley priced an additional $5 million of range accrual notes due May 19, 2026 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $6 million. The first $1 million of notes priced April 29.
The coupon will be 7.25% for the first three years. After that, interest will accrue at 7.25% per year on each day that the six-month Libor is 6.5% or less and the closing level of the S&P 500 index is at least 990. Interest is payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Six-month Libor and S&P 500 index range accrual notes
|
| Amount: | $6 million, increased from $1 million
|
| Maturity: | May 19, 2026
|
| Coupon: | 7.25% for first three years; after that, 7.25% per year multiplied by proportion of days on which six-month Libor is 6.5% or less and index closes at or above 990; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing dates: | April 20 for $1 million, May 18 for $5 million
|
| Settlement date: | May 19
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61745EN64
|
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