New York, Nov. 8 – Morgan Stanley Finance LLC priced $88 million of 0% cash-settled equity-linked notes due Sept. 26, 2025 linked to the common stock of Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par unless the underlying stock finishes above its 126.5% exchange price, in which case it will be the cash amount, which is the exchange ratio multiplied by the final share price. The exchange ratio is $1,000 divided by the 126.5% exchange price.
Holders may exchange their notes during the exchange period, which is the period from and including the eighth trading day prior to the maturity date to but excluding the third trading day prior to the maturity date.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Cash-settled equity-linked notes
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| Underlying stock: | Target Corp.
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| Amount: | $88 million
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| Maturity: | Sept. 26, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless stock appreciates by more than 26.5%, in which case exchange ratio multiplied by final share price
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| Exchange option: | During period from and including eighth trading day prior to maturity date to but excluding third trading day prior to maturity date
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| Exchange ratio: | 5.238704, which is $1,000 divided by $190.8869
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| Initial share price: | $150.8987
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| Exchange price: | $190.8869, 126.5% of initial level
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774HGY8
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