Welcome to our dedicated page for Broadstone Net Lease SEC filings (Ticker: BNL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Morgan Stanley Finance LLC (ticker: MS) has filed Amendment No. 1 to Pricing Supplement No. 8,667 for a $440,000 follow-on issuance of Dual Directional Buffered PLUS notes (CUSIP 61778KD61) that will be consolidated with the original $310,000 tranche, bringing the total outstanding to $750,000. The five-year structured notes, due 28 Jun 2030, are unsecured and fully guaranteed by Morgan Stanley.
Key economic terms
- Issue price: $1,000; minimum denomination $1,000.
- Estimated value on pricing date: $943.80 (reflecting structuring & hedging costs).
- Underlying indices: DJIA (INDU 42,982.43), Nasdaq-100 (NDX 22,237.74) and Russell 2000 (RTY 2,136.185).
- Leverage factor: 140% on any positive performance of the worst-performing index.
- Absolute return participation: 100% of any decline up to 20%, effectively capping gain from this feature at 20%.
- Buffer: 20% downside protection; losses begin once the worst performing index falls below 80% of its initial level.
- Minimum maturity payment: 20% of principal.
- No periodic coupons; payment occurs only at maturity.
Cash-flow profile
- Upside scenario: final level > initial level → principal plus 1.4× index appreciation.
- Moderate downside: final level between 80% and 100% of initial → principal plus up to 20% gain.
- Severe downside: final level < 80% of initial → 1:1 loss beyond buffer, floor at 20% of principal.
Placement economics: Investors pay a 3.5% sales commission ($35 per note); net proceeds to Morgan Stanley are $965 per note. The notes will not be listed, and secondary liquidity depends solely on MS & Co., which may discontinue market making at any time.
Risk highlights
- Principal at risk; no interim interest.
- Performance driven solely by the worst performing index, eliminating diversification benefits.
- Credit exposure to Morgan Stanley; notes rank pari passu with other unsecured obligations.
- Estimated value below issue price indicates negative carry at inception.
- Tax treatment uncertain; counsel views notes as prepaid financial contracts, but IRS may disagree.
Strategic context: At $0.75 million aggregate size, the issuance is immaterial to Morgan Stanley’s capital structure but offers the bank low-cost funding while transferring market risk to investors.