By E. Janene Geiss
Philadelphia, June 27 - Merrill Lynch & Co., Inc. priced $60 million of 1% medium-term notes due June 30, 2015 linked to the common stock of Lowe's Cos. Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable annually.
The notes are callable on any trading day from June 20, 2011 through seven trading days prior to the maturity date. If the issuer calls the notes, investors will receive par plus accrued interest.
Investors may exchange the notes from July 1 through seven days prior to the maturity date at a rate of 37.6359 shares per note. The share price must increase by at least 15% at the time of redemption or investors will face losses.
Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Medium-term notes
|
| Underlying stock: | Lowe's Cos. Inc. (NYSE: LOW)
|
| Amount: | $60 million
|
| Maturity: | June 25, 2009
|
| Coupon: | 1%, payable annually
|
| Price: | Par
|
| Payout at maturity: | Par plus accrued interest
|
| Exchange premium: | 15%
|
| Exchange ratio: | 37.6359
|
| Initial share price: | $23.1047
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Underwriters: | Merrill Lynch & Co. and First Republic Securities Co., LLC
|
| Fees: | 2.5%
|
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