By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – Morgan Stanley priced $10 million of fixed-to-floating notes due Sept. 29, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.85% 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: | $10 million (may be increased prior to settlement)
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| Maturity: | Sept. 29, 2027
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| Coupon: | 3.85% 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: | Sept. 20
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| Settlement date: | Sept. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61760QKU7
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