By Sarah Lizee
Olympia, Wash., April 8 – Morgan Stanley Finance LLC priced $1 million of 6% worst-of fixed coupon autocallable RevCons due Oct. 13, 2020 linked to the least performing of the common stocks of Microsoft Corp., Hilton Worldwide Holdings Inc. and HP Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its redemption threshold on any quarterly determination date beginning Aug. 13. The call level will be 95% of the initial level.
The payout at maturity will be par unless any stock finishes below its 55% downside threshold, in which case investors will be fully exposed to the decline of the least performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
|
| Underlying stocks: | Microsoft Corp., Hilton Worldwide Holdings Inc. and HP Inc.
|
| Amount: | $1 million
|
| Maturity: | Oct. 13, 2020
|
| Coupon: | 6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, full exposure to decline of least performing stock
|
| Call: | At par if each stock closes at or call level on any quarterly review date beginning Aug. 13; call level will be 95% of the initial level
|
| Initial levels: | $119.97 for Microsoft, $86.79 for Hilton, $19.75 for HP
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| Call levels: | $113.972 for Microsoft, $82.451 for Hilton, $18.763 for HP; 95% of initial levels
|
| Downside thresholds: | $65.984 for Microsoft, $47.735 for Hilton, $10.863 for HP; 55% of initial levels
|
| Pricing date: | April 4
|
| Settlement date: | April 11
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61768D6D2
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