New Issue: Morgan Stanley prices $1 million fixed-to-floaters due 2022 with 5% initial rate

By Toni Weeks

San Diego, Dec. 7 - Morgan Stanley priced $1 million of senior fixed-to-floating notes due Dec. 28, 2022, according to a 424B filing with the Securities and Exchange Commission.

The coupon will be 5% for the first year. After that, it will be equal to Libor plus 150 basis points, with a minimum rate of 1.75% and a maximum rate of 7%. Interest is payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Senior fixed-to-floating notes
Amount:	$1 million
Maturity:	Dec. 28, 2022
Coupon:	5% initially; beginning Dec. 28, 2013, Libor plus 150 bps, floor of 1.75% and cap of 7%; payable quarterly
Price:	Variable prices
Payout at maturity:	Par
Pricing date:	Dec. 5
Settlement date:	Dec. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	1.25%
Cusip:	61760QCD4

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