Morgan Stanley $5 billion senior notes offering
Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $5 billion aggregate principal amount of senior notes, consisting of $500 million floating-rate notes due 2025, $2 billion fixed-to-floating-rate notes due 2025 and $2.5 billion fixed-to-floating-rate notes due 2028. For the term of the floating-rate notes and during each of the floating interest rate periods of the fixed-to-floating-rate notes, the notes bear interest by reference to the Secured Overnight Financing Rate, or SOFR, compounded daily over each quarterly interest payment period.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Vidal Vanhoof and associate Timothy DiPrisco. The tax team included partner Po Sit and associate Dmitry Dobrovolskiy. 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.