Davis Polk Advises Morgan Stanley on Its $69 Million Offering of Synthetic Convertible Notes Based on the Performance of the Common Stock of Microsoft Corporation

Davis Polk advised Morgan Stanley in connection with its SEC-registered offering of $69 million aggregate principal amount of synthetic convertible notes due October 25, 2024. The notes are linked to the common stock of Microsoft Corporation and will pay, at maturity, a cash payment equal to the greater of (i) the stated principal amount and (ii) the alternative redemption amount, which is calculated based on the extent to which the price of Microsoft stock has appreciated above the strike price.

The Davis Polk corporate team included partner Christopher S. Schell and counsel Vidal Vanhoof. The tax team included partner Po Sit and associate Lucy Mo. All members of the Davis Polk team are based in the New York office.