New Issue: Morgan Stanley prices $3 million 11.75% worst-of fixed coupon RevCons on three stocks

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – Morgan Stanley Finance LLC priced $3 million of 11.75% worst-of fixed coupon RevCons due Nov. 24, 2023 linked to the worst performing of the shares of Caterpillar Inc., Kohl’s Corp. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 70% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst-of fixed coupon RevCons
Underlying stocks:	Caterpillar Inc., Kohl’s Corp. and Bank of America Corp.
Amount:	$3 million
Maturity:	Nov. 24, 2023
Coupon:	11.75%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
Initial share prices:	$172.90 for Caterpillar, $29.17 for Kohl’s, $26.98 for Bank of America
Downside thresholds:	$121.03 for Caterpillar, $20.419 for Kohl’s, $18.886 for Bank of America.; 70% of initial levels
Pricing date:	Nov. 20
Settlement date:	Nov. 25
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.6%
Cusip:	61771EMU9

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