Morgan Stanley’s $1 billion of 5.85% fixed-to-floating noncumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, Feb. 3 – Morgan Stanley & Co. Inc.’s $1 billion of 5.85% $25-par series K fixed-to-floating rate noncumulative preferred stock listed on the New York Stock Exchange on Friday.

The ticker symbol is “MSPrK.” The deal priced Jan. 24.

Price talk was revised to 5.875% from 6.125%.

Morgan Stanley & Co. LLC is the bookrunner. BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG, RBC Capital Markets, UBS Securities LLC and Wells Fargo Securities LLC are the joint lead managers.

The preferreds were issued as depositary shares representing a 1/1,000th interest.

When declared, dividends are payable on a quarterly basis. The rate will be fixed until April 15, 2027, at which point it will be based on Libor plus 349.1 basis points.

The issue becomes callable on April 15, 2027 at par plus accrued dividends. The issue is also callable in whole in the event of a regulatory capital treatment event.

Proceeds will be used for general corporate purposes.

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

© 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.