New Issue: Morgan Stanley prices $6.01 million 11.1% worst-of fixed coupon RevCons on three stocks

By William Gullotti

Buffalo, N.Y., Feb. 15 – Morgan Stanley Finance LLC priced $6.01 million of 11.1% worst-of fixed coupon RevCons due Feb. 15, 2024 linked to the worst performing of the stocks of Walt Disney Co., Starbucks Corp. and Target 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 70% 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:	Walt Disney Co., Starbucks Corp., Target Corp.
Amount:	$6,005,000
Maturity:	Feb. 15, 2024
Coupon:	11.1%, 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:	$147.23 for Disney, $97.13 for Starbucks, $216.64 for Target
Downside thresholds:	$103.061 for Disney, $67.991 for Starbucks, $151.648 for Target; 70% of initial levels
Strike date:	Feb. 9
Pricing date:	Feb. 10
Settlement date:	Feb. 15
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61773QAE9

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