By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Morgan Stanley Finance LLC priced $275 million of 1.1% cash-settled equity-linked notes due Feb. 18, 2027 linked to the common stock of Regeneron Pharmaceuticals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable semiannually.
The payout at maturity will be par unless the averaging price of the underlying stock is above its 107.75% exchange price, in which case it will be the cash amount, which is the exchange ratio multiplied by the averaging price. The exchange ratio is $1,000 divided by the 107.75% exchange price.
The averaging price will be the arithmetic average of the closing price on three trading days close to the maturity date.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Cash-settled equity-linked notes
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| Underlying stock: | Regeneron Pharmaceuticals, Inc.
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| Amount: | $275 million
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| Maturity: | Feb. 18, 2027
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| Coupon: | 1.1%, payable semiannually
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| Price: | 110.95
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| Payout at maturity: | Par unless stock appreciates by more than 7.75%, in which case exchange ratio multiplied by averaging price (arithmetic average of closing price over three days near the maturity date)
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| Exchange ratio: | 0.97986832
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| Initial share price: | $947.1418
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| Exchange price: | $1,020.54529 107.75% of initial level
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61771WZP6
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