Davis Polk advised Morgan Stanley in connection with its $500 million SEC-registered offering of 20,000,000 depositary shares, each representing a 1/1,000th interest in a share of its 4.875% non-cumulative preferred stock, Series L. Morgan Stanley intends to use the net proceeds from the sale of the depositary shares to redeem the Series G Preferred Stock and the related depositary shares. Davis Polk is also advising Morgan Stanley on this redemption.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Vidal Vanhoof and associate Jeremy Larkins. The tax team included partner Po Sit. 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.