By Wendy Van Sickle
Columbus, Ohio, June 15 – Morgan Stanley priced $52 million of fixed-to-floating notes due June 29, 2020 linked to three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% for the first year. After that, it will equal three-month Libor plus 75 basis points, with a floor of zero and a maximum rate of 4%. Interest is payable quarterly.
The payout at maturity will be par plus any unpaid interest.
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: | $52 million
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| Maturity: | June 29, 2020
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| Coupon: | 2% for first year; after that, three-month Libor plus 75 basis points, with a floor of zero and capped at 4%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus any unpaid interest
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| Pricing date: | June 14
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| Settlement date: | June 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fee: | 0.1%
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| Cusip: | 61760QKM5
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