By Wendy Van Sickle
Columbus, Ohio, April 29 – Morgan Stanley priced $3.25 million of fixed-to-floating notes due April 29, 2027, according to an 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% until April 29, 2023. After that, the interest rate will be equal to the five-year U.S. dollar SOFR ICE swap rate plus a spread of 50 basis points. Interest will be payable monthly and cannot be less than 0.1%.
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: | $3.25 million
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| Maturity: | April 29, 2027
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| Coupon: | 4% initially; beginning April 29, 2023, equal to 5-Year U.S. Dollar SOFR ICE Swap Rate plus 50 bps, subject to a 0.1% floor; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | April 27
|
| Settlement date: | April 29
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
|
| Cusip: | 61760QNF7
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