Morgan Stanley’s $500 Million Preferred Stock Offering

Davis Polk advised Morgan Stanley in connection with the offering.

Morgan Stanley completed 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.

The Davis Polk corporate team included partner Christopher S. Schell (Picture), 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.

Involved fees earner: Sijia Cai – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Jeremy Larkins – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Christopher Schell – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Vidal Vanhoof – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Morgan Stanley;

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Author: Ambrogio Visconti