By Susanna Moon
Chicago, Jan. 30 – Morgan Stanley Finance LLC priced $1.35 million of 10.56% worst-of fixed coupon autocallable RevCons due Jan. 29, 2019 linked to the worst performing of the common stocks of Facebook, Inc., Halliburton Co. and Western Digital Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par plus the coupon if each stock closes at or above its redemption threshold on any determination date after six months. The call level will be 95% of the initial level for the first call review date, stepping down to 90% for the second date.
The payout at maturity will be par plus the coupon unless any stock finishes below its 70% downside threshold, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Facebook, Inc. (Symbol: FB), Halliburton Co. (Symbol: HAL) and Western Digital Corp. (Symbol: WDC)
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| Amount: | $1.35 million
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| Maturity: | Jan. 29, 2019
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| Coupon: | 10.56%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, a number of shares of the worst performing stock equal to $1,000 divided by the initial price
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| Call: | At par if each stock closes at or above call level on any determination date other than the final determination date beginning July 26, 2018; call level will be 95% of initial level for first call review date, stepping down to 90% for second date
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| Initial share prices: | $181.29 for Facebook, $53.01 for Halliburton and $85.60 for Western Digital; closing levels on Jan. 19
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| Downside thresholds: | $126.903 for Facebook, $37.107 for Halliburton and $59.92 for Western Digital; 70% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 26
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61768CYY7
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