Morgan Stanley’s $750 Million Secured Overnight Financing Rate Offering

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $750 million aggregate principal amount of floating-rate senior notes due 2022.

The notes bear interest by reference to SOFR, compounded daily over each quarterly interest payment period. The SOFR compounding mechanics are based on those published by ISDA, while the waterfall of benchmark replacements and related adjustments that would apply upon a discontinuation of SOFR are based on the Alternative Reference Rates Committee’s recommended fallback language.

The Davis Polk corporate team included partner Christopher S. Schell (Picture), counsel Vidal Vanhoof and associates Jeremy Larkins and Jack A. Liechtung. The tax team included partners Po Sit and Rachel D. Kleinberg, counsel Alon Gurfinkel and associate Andrew A. Smith. Partner Gregory S. Rowland and counsel Sarah E. Kim provided 1940 Act advice.

Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Jeremy Larkins – Davis Polk & Wardwell; Jack Liechtung – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Christopher Schell – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Andrew Smith – Davis Polk & Wardwell; Vidal Vanhoof – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Morgan Stanley;

Author: Ambrogio Visconti