By William Gullotti
Buffalo, N.Y., April 1 – Morgan Stanley priced $6 million of fixed-to-floating-rate notes due March 31, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.5% for the first year. Then it will be the five-year U.S. dollar SOFR ICE swap rate plus 60 basis points, reset quarterly. Interest is payable quarterly and cannot be less than 0.05%.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Fixed-to-floating-rate notes
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| Underlying rate: | Five-year U.S. dollar SOFR ICE swap rate
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| Amount: | $6 million
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| Maturity: | March 31, 2027
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| Coupon: | 3.5% for first year, then five-year U.S. dollar SOFR ICE swap rate plus 60 bps, reset quarterly and subject to a floor of 0.05%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61760QND2
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