By Marisa Wong
Madison, Wis., July 13 - Morgan Stanley priced an additional $1.5 million of range accrual notes due July 13, 2031 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 deal size to $3 million. The issuer priced the initial $1.5 million of range accrual notes on June 23.
The coupon will be 8% for the first three years. After that, interest will accrue at 8% per year on each day that the six-month Libor is 7% or less and the closing level of the S&P 500 index is at least 950. 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: | $3 million (upsized from $1.5 million)
|
| Maturity: | July 13, 2031
|
| Coupon: | 8% for first three years; after that, 8% per year multiplied by proportion of days on which six-month Libor is 7% or less and index closes at or above 950; payable monthly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing dates: | June 23 for $1.5 million, July 12 for $1.5 million
|
| Settlement date: | July 13
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 4%
|
| Cusip: | 61745E2S9
|
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