Sidley has advised the underwriters, led by Morgan Stanley & Co. LLC, in connection with Morgan Stanley’s SEC-registered global offering of US$750 million aggregate principal amount of floating rate senior notes. This is the first SEC-registered offering of notes based on the Secured Overnight Financing Rate (SOFR) by a U.S. G-SIB ahead of the expected discontinuation of LIBOR at the end of 2021. The notes bear interest by reference to SOFR, compounded daily over each quarterly interest payment period. The transaction settled on June 10, 2019.
The New York-based Sidley team was led by partners Michael Kohler and Aryeh Zarchan, with assistance from securities associate Alex Csordas and tax partner Nicholas Brown.