Morgan Stanley $2 billion subordinated reset notes offering
We advised Morgan Stanley on its SEC-registered global offering
Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $2 billion aggregate principal amount of fixed-rate reset subordinated notes due 2038. The interest rate will reset once during the term of the notes based on the constant maturity Treasury rate on the reset determination date. This offering is Morgan Stanley’s first issuance of reset notes linked to the constant maturity Treasury rate.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Vidal Vanhoof and associate Nicollette Farkas. The tax team included partner Lucy W. Farr. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Leon E. Salkin provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.