By William Gullotti
Buffalo, N.Y., March 2 – Morgan Stanley Finance LLC priced $16.5 million of cash-settled equity-linked notes due Feb. 27, 2026 linked to the common stock of Walt Disney Co., 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 averaging price of the underlying stock is above its 128.25% exchange price, in which case it will be the cash amount, which is the exchange ratio multiplied by the averaging price. The exchange ratio is $1,000 divided by the 128.25% exchange price.
The averaging price will be the arithmetic average of the closing price on three trading days close 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: | Walt Disney Co.
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| Amount: | $16.5 million
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| Maturity: | Feb. 27, 2026
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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 28.25%, in which case exchange ratio multiplied by averaging price (arithmetic average of closing price over three days near the maturity date)
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| Exchange ratio: | 7.6626
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| Initial share price: | $101.757
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| Exchange price: | $130.5034, 128.25% of initial level
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774TV90
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