Morgan Stanley's 6.875% fixed-to-floating noncumulative preferreds to be admitted to NYSE Friday

By Stephanie N. Rotondo

Phoenix, Dec. 12 - Morgan Stanley & Co. Inc.'s $850 million of 6.875% $25-par series F fixed-to-floating rate noncumulative preferred stock will list on the New York Stock Exchange on Friday, according to a market source.

The preferreds were issued as depositary shares representing a 1/1,000th interest on Dec. 5. The ticker symbol will be "MSPF."

Morgan Stanley & Co. LLC was the bookrunner.

When declared, dividends will be paid on the 15th day of January, April, July and October, beginning April 15. The dividend rate will be fixed until Jan. 15, 2024, at which point the rate will float at Libor plus 394 basis points.

The preferreds can be redeemed on or after Jan. 15, 2024 or in whole within 90 days of a regulatory capital treatment event at par plus accrued dividends.

Proceeds will be used for general corporate purposes.

Morgan Stanley is a New York-based financial services firm.

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