By Wendy Van Sickle
Columbus, Ohio, March 24 – Morgan Stanley priced $4.78 million of fixed-to-floating notes due March 20, 2027 linked to three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.25% for the first two years. After that, it will equal three-month Libor plus 125 basis points, with a floor of zero and a maximum rate of 6.5%. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying rate: | Three-month Libor
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Amount: | $4.78 million
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Maturity: | March 20, 2027
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Coupon: | 3.25% for the first two years; after that, three-month Libor plus 125 basis points, with a floor of zero and capped at 6.5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | March 22
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Settlement date: | March 31
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Agent: | Morgan Stanley & Co. LLC
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Fee: | 5.5%
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Cusip: | 61760QJW5
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