By William Gullotti
Buffalo, N.Y., May 16 – Morgan Stanley Finance LLC priced $2.49 million of 9.5% worst-of fixed coupon autocallable RevCons due May 15, 2025 linked to the worst performing of the shares of Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each stock closes at or above its redemption threshold level on a quarterly determination date after six months, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 70% 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 autocallable RevCons
|
| Underlying stocks: | Apple Inc., Microsoft Corp.
|
| Amount: | $2,485,000
|
| Maturity: | May 15, 2025
|
| Coupon: | 9.5%, payable quarterly
|
| 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 share price
|
| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its redemption threshold level on any quarterly review date after six months
|
| Initial share prices: | $173.555 for Apple, $312.31 for Microsoft
|
| Downside thresholds: | $121.489 for Apple, $218.617 for Microsoft; 70% of initial levels
|
| Strike date: | May 10
|
| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.75%
|
| Cusip: | 61774XQ89
|
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