By Wendy Van Sickle
Columbus, Ohio, Nov. 23 – Morgan Stanley Finance LLC priced $200 million of 0% cash-settled equity-linked notes due Nov. 23, 2027 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par unless the underlying stock finishes above its 115.75% exchange price, in which case it will be the cash amount, which is the exchange ratio multiplied by the final share price. The exchange ratio is $1,000 divided by the 115.75% exchange price.
Holders may exchange their notes during the exchange period, which is the period from and including the eighth trading day prior to the maturity date to but excluding the third trading day prior to the maturity date.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Cash-settled equity-linked notes
|
| Underlying stock: | JPMorgan Chase & Co.
|
| Amount: | $200 million
|
| Maturity: | Nov. 23, 2027
|
| Coupon: | 0%
|
| Price: | 102.5
|
| Payout at maturity: | Par unless stock appreciates by more than 15.75%, in which case exchange ratio multiplied by final share price
|
| Exchange option: | During period from and including eighth trading day prior to maturity date to but excluding third trading day prior to maturity date
|
| Exchange ratio: | 6.4596
|
| Initial share price: | $133.743
|
| Exchange price: | $154.8075, 115.75% of initial level
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0%
|
| Cusip: | 61774H2L1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
