By Angela McDaniels
Tacoma, Wash., Feb. 22 – Morgan Stanley Finance LLC priced $2.85 million of 9.35% worst of fixed coupon autocallable RevCons due July 2, 2025 linked to the worst performing of the common stocks of Bank of America Corp., JPMorgan Chase & Co. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Starting Jan. 2, 2024, the notes will be automatically called at par if each stock closes at or above its initial share price on a monthly observation date.
The payout at maturity will be par unless the worst performing stock’s final share price is less than its downside threshold level, 50% of its initial share price, in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst of fixed coupon autocallable RevCons
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| Underlying stocks: | Bank of America Corp., JPMorgan Chase & Co. and Charles Schwab Corp.
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| Amount: | $2.85 million
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| Maturity: | July 2, 2025
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| Coupon: | 9.35%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless worst performing stock’s final share price is less than downside threshold level, in which case full exposure to decline of worst performing stock
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| Call: | Starting Jan. 2, 2024, automatically at par if each stock closes at or above initial share price on any monthly observation date
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| Initial share prices: | $28.24 for Bank of America, $139.20 for JPMorgan and $55.22 for Schwab
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| Downside threshold levels: | $14.12 for Bank of America, $69.60 for JPMorgan and $27.61 for Schwab, or 50% of initial share prices
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 61775HAM9
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