By Laura Lutz
Des Moines, Feb. 7 - Merrill Lynch & Co., Inc. priced $137.5 million of 11% callable Stock Return Income Debt Securities (Strides) due Feb. 8, 2010 payable at maturity with Home Depot, Inc. common stock, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be a number of Home Depot shares equal to par of $25 divided by the initial volume-weighted average share price.
The Strides will be callable beginning on Feb. 9, 2009 with a yield to call of 14%.
The company said the Strides have been approved for listing on the American Stock Exchange under the symbol "HRO."
Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Callable Stock Return Income Debt Securities (Strides)
|
| Underlying stock: | Home Depot, Inc. (NYSE: HD)
|
| Amount: | $137.5 million
|
| Maturity: | Feb. 8, 2010
|
| Coupon: | 11%, payable quarterly
|
| Price: | Par of $25
|
| Payout at maturity: | Home Depot shares equal to par divided by initial volume-weighted average share price
|
| Call: | Beginning on Feb. 9, 2009 with yield to call of 14%
|
| Initial VWAP: | $30.3773
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 7
|
| Underwriters: | Merrill Lynch & Co. and First Republic Securities Co., LLC
|
| Fees: | 2%
|
| Listing: | Amex: HRO
|
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