Davis Polk Advises Morgan Stanley on Its $4.5 Billion Senior Notes Offering

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $4.5 billion aggregate principal amount of senior notes, consisting of $1.75 billion fixed-to-floating-rate notes due 2023 and $2.75 billion fixed-to-floating-rate notes due 2032. During each of the floating interest rate periods, 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 and counsel Vidal Vanhoof. 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.