By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – Morgan Stanley priced $25 million of fixed-to-floating-rate notes due Nov. 15, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 8.5% for the first year. Then it will be SOFR plus 150 basis points, reset quarterly. Interest is payable quarterly, subject to an 8.5% ceiling and a 0.1% floor.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $25 million
|
| Maturity: | Nov. 15, 2029
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| Coupon: | 8.5% for first year, then SOFR plus 40 bps, reset quarterly and subject to a 8.5% ceiling and a 0.1% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 15
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fee: | 0%
|
| Cusip: | 61761J4Y2
|
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