By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Morgan Stanley priced $8 million of fixed-to-floating notes due Aug. 27, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.8% for the first three years. After that, interest will accrue at the 10-year U.S. Dollar ICE swap rate with a floor of zero. Interest is payable quarterly.
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: | $8 million (may be increased prior to settlement)
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Maturity: | Aug. 27, 2027
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Coupon: | 3.8% 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: | July 28
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Settlement date: | Aug. 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1%
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Cusip: | 61760QKQ6
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