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Morgan Stanley Joins the Preferred Stock Party

Morgan Stanley (MS) has announced a new non-cumulative preferred stock issue. The issue likely will be rated just below investment grade.

The shares will have an early redemption date starting 1/15/2025. The issue will only be redeemable on a dividend payment date.

The proceeds of this issue will be used to redeem the 6.625% preferred MS-G which is only redeemable on a dividend payment date – the next payment date is 1/15/2020.

The permanent ticker will be MS-L after it trades for a week or so on the OTC Grey market (temporary ticker not yet announced).

The preliminary prospectus can be found here.

Thanks to mcg and a bunch of other folks all which were on this one right away on the Reader Alerts page.

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