New Issue: Morgan Stanley prices $702,000 9.25% worst-of fixed coupon RevCons on three stocks

By William Gullotti

Buffalo, N.Y., Oct. 7 – Morgan Stanley Finance LLC priced $702,000 of 9.25% worst-of fixed coupon RevCons due July 25, 2024 linked to the worst performing of the stocks of Align Technology, Inc., Netflix, Inc. and Ulta Beauty, Inc., 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 60% 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:	Align Technology, Inc., Netflix, Inc., Ulta Beauty, Inc.
Amount:	$702,000
Maturity:	July 25, 2024
Coupon:	9.25%, 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 from its initial level
Initial share prices:	$616.12 for Align, $530.31 for Netflix, $332.12 for Ulta
Downside thresholds:	$369.672 for Align, $318.186 for Netflix, $199.272 for Ulta; 60% of initial levels
Strike date:	July 16
Pricing date:	July 20
Settlement date:	July 23
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61773FHB2

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