New Issue: Morgan Stanley sells $772.82 million 5% step-up callable notes due 2025

By Susanna Moon

Chicago, Aug. 27 - Morgan Stanley priced $772.82 million of senior fixed-rate step-up callable notes due Aug. 31, 2025 with an initial coupon of 5%, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first three years. After that, the rate will be 5.5% from Aug. 31, 2013 to Aug. 31, 2016, 6% from Aug. 31, 2016 to Aug. 31, 2019, 7% from Aug. 31, 2019 to Aug. 31, 2022 and 10% from Aug. 31, 2022 to maturity.

The notes are callable at par on any quarterly redemption date beginning Aug. 31, 2011.

Morgan Stanley & Co. Inc. was the agent. Co-managers are Muriel Siebert & Co., Inc. and Blaylock Robert Van, LLC.

The financial services company is based in New York City.

Issuer:	Morgan Stanley
Issue:	Senior fixed-rate step-up callable notes
Amount:	$772,821,000
Maturity:	Aug. 31, 2025
Agent:	Morgan Stanley & Co. Inc.
Co-managers:	Muriel Siebert & Co., Inc., Blaylock Robert Van, LLC
Coupon:	5% for three years, 5.5% for years four through six, 6% for years seven through nine, 7% for years 10 through 12 and 10% afterward
Price:	Par
Call:	At par on any quarterly redemption date after one year
Trade dates:	Aug. 26
Settlement date:	Aug. 31

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