Morgan Stanley has exercised its over-allotment option to purchase an additional 21.9 million shares of its common stock at $24.00 per share. The option was granted in connection with the company’s equity capital raising of 146 million shares of its common stock, which priced earlier today. Morgan Stanley expects gross proceeds from the equity and debt offerings, including the exercise of the over-allotment option, to be approximately $8 billion.
“The significant demand for our equity and debt offerings is a testament to the power of the Morgan Stanley franchise,” says John Mack, CEO of Morgan Stanley. “As we prepare to close the Smith Barney deal, these successful offerings will allow us to maintain some of the strongest capital levels in the industry.”
D.C.