By Toni Weeks
San Diego, July 7 - Morgan Stanley priced an additional $12.95 million of fixed-to-floating-rate notes due July 7, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue to $15 million. The original $2.05 million of notes priced June 21.
The interest rate will be 6% for the first year. After that, it will be Libor plus 150 basis points, subject to a minimum interest rate of 2.25% per year in each interest period. Beginning Jan. 7, 2016, the interest rate will be subject to a cap of 8% per year. Interest is payable quarterly.
The payout at maturity will be par.
The issuer said it might increase the issue size prior to settlement.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $15 million, increased from $2.05 million
|
| Maturity: | July 7, 2020
|
| Coupon: | 6% for first year, then Libor plus 150 bps, subject to floor of 2.25% and, beginning Jan. 7, 2016, cap of 8%; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | June 21
|
| Upsize date: | July 6
|
| Settlement date: | July 7
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61745E2L4
|
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