By Wendy Van Sickle
Columbus, Ohio, March 14 – Morgan Stanley priced $100 million of fixed-to-floating notes due March 10, 2026, according to an 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 6% until March 10, 2024. After that, the interest rate will be equal to the two-year U.S. dollar SOFR ICE swap rate plus a spread of 90 basis points. Interest will be payable monthly and cannot be less than 0.1%.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
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| Underlying rate: | Two-year U.S. dollar SOFR ICE swap rate
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| Amount: | $100 million
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| Maturity: | March 10, 2026
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| Coupon: | 6% initially; beginning March 10, 2024, equal to two-Year U.S. Dollar SOFR ICE Swap Rate plus 90 bps, subject to a 0.1% floor; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | March 8
|
| Settlement date: | March 10
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.35%
|
| Cusip: | 61760QNV2
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