By Marisa Wong
Morgantown, W.Va., May 18 – Morgan Stanley priced $3 million of additional fixed-to-floating notes due May 30, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $10 million. Morgan Stanley priced the initial $7 million of notes on May 5.
Interest is payable quarterly and will be at a rate of 4.25% for the first three years. After that, it will accrue at the 10-year U.S. Dollar ICE swap rate with a floor of zero.
The payout at maturity will be par plus accrued interest, if any.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Fixed-to-floating notes
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| Amount: | $10 million (increased from $7 million)
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| Maturity: | May 30, 2027
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| Coupon: | 4.25% for first three years, 10-year U.S. Dollar ICE swap rate with a floor of zero: payable quarterly
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| Price: | Varying
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| Payout at maturity: | Par
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| Pricing date: | May 5 for $7 million, May 16 for $3 million
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| Settlement date: | May 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61760QKJ2
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