Published on 1/30/2002 in the Prospect News Convertibles Daily.
New Issue: Merrill prices $55.275 million 9% callable STRIDES exchangeable for JDS
New York, Jan. 30 - Merrill Lynch & Co., Inc. priced $55.275 million of 9% two-year callable stock return income debt securities (STRIDES) exchangeable at maturity for JDS Uniphase Corp. common stock, according to a filing with the Securities and Exchange Commission.
If not called first, the STRIDES will be exchanged for JDS Uniphase stock at maturity at the rate of one share per STRIDE. If called, holders will be paid a price to provide a yield to call of 42%, effectively capping the return available.
The senior unsecured debt securities were priced Monday via Merrill Lynch & Co.
| Issuer: | Merrill Lynch & Co., Inc.
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| Amount: | $55.275 million (7.5 million units)
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| Maturity: | Feb. 2, 2004
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| Coupon: | 9%, payable quarterly beginning May 2, 2002
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| Price: | Par of $7.37 (equivalent to close price of JDS Uniphase stock on Jan. 28)
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| Call: | Feb. 3, 2003 onwards at level to provide yield to call of 42%
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| Payout at maturity: | One share of JDS Uniphase stock per STRIDE
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| Listing: | "JDY" on American Stock Exchange
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| Settlement: | Feb. 1 flat
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