By Wendy Van Sickle
Columbus, Ohio, March 28 – Morgan Stanley Finance LLC priced $11 million of fixed-to-floating rate securities due March 30, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly and will be fixed at 8% per year for the first year. After that, interest will accrue at eight times the 30-year ICE swap rate minus the two-year ICE swap rate, up to a maximum rate of 9% per year and with a floor of zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed-to-floating securities
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| Amount: | $11 million
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| Maturity: | March 30, 2037
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| Coupon: | 8% for first year, then eight times 30-year ICE swap rate minus two-year ICE swap rate, capped at 9% a year with a floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | March 24
|
| Settlement date: | March 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fee: | 3.5%
|
| Cusip: | 61766YBD2
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