Morgan Stanley $3 billion fixed-to-floating-rate (SOFR) senior notes offering
Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $3 billion aggregate principal amount of fixed-to-floating-rate senior notes due 2031. During the floating interest rate period, the notes bear interest by reference to the secured overnight financing rate, compounded daily over each quarterly interest payment period.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Vidal Vanhoof and associate Jack A. Liechtung. Partner Po Sit provided tax advice. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Sijia Cai provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.