Morgan Stanley Announces Offering of Preferred Stock and Intention to Redeem Its Series G Preferred Stock
November 18 2019 - 8:32AM
Business Wire
Morgan Stanley today announced that it has launched an offering
(the “Offering”) of Fixed Rate Non-Cumulative Preferred Stock,
Series L, which will be represented by depositary shares (the
“Series L Preferred Stock”). The Offering is subject to pricing,
which has not yet occurred.
Morgan Stanley today also announced that, if the Offering is
priced and proceeds to closing, it intends to redeem its
outstanding 6.625% Non-Cumulative Preferred Stock, Series G
(61762V408), and the depositary shares representing the Series G
Preferred Stock (CUSIP 61762V507; NYSE: MS PrG) (the “Series G
Preferred Stock”) on January 15, 2020 pursuant to the optional
redemption provisions provided in the documents governing such
Series G Preferred Stock (the “Redemption”). Morgan Stanley intends
to use the net proceeds from the sale of the depositary shares
representing interests in the Series L Preferred Stock to redeem
the Series G Preferred Stock and the related depositary shares.
The pricing of the Offering and, therefore, the Redemption, is
subject to market conditions and other considerations. There is no
assurance that the Offering will price and close and, therefore,
that Morgan Stanley will redeem the Series G Preferred Stock. If
Morgan Stanley redeems the Series G Preferred Stock, it will
announce such Redemption by press release and appropriate notices
of redemption, which will contain additional information concerning
such Redemption.
The Offering is described in Morgan Stanley’s preliminary
prospectus supplement dated November 18, 2019, which will be filed
with the U.S. Securities and Exchange Commission today. Copies of
the preliminary prospectus supplement may be obtained from Morgan
Stanley & Co. LLC, 180 Varick Street, New York, New York 10014,
Attention: Prospectus Department; Tel: (866) 718-1649;
prospectus@morganstanley.com.
This press release does not constitute an offer to sell the
Series L Preferred Stock or the depositary shares representing the
Series L Preferred Stock in any jurisdiction in which such offer is
not permitted.
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm’s employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
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