By Wendy Van Sickle
Columbus, Ohio, March 15 – Morgan Stanley priced $2.75 million of fixed-to-floating notes due Feb. 28, 2027, according to an 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% until Feb. 28, 2023. After that, the interest rate will be equal to the five-year U.S. dollar SOFR ICE swap rate plus a spread of 20 basis points. Interest will be payable monthly and cannot be less than 0.05%.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
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| Underlying rate: | Five-year U.S. dollar SOFR ICE swap rate
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| Amount: | $2.75 million
|
| Maturity: | Feb. 28, 2027
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| Coupon: | 2% initially; beginning Feb. 28, 2023, equal to 5-Year U.S. Dollar SOFR ICE Swap Rate plus 20 bps, subject to a 0.05% floor; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 28
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
|
| Cusip: | 61760QNA8
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