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Merrill Lynch amends terms of LYONs to up conversion rate, add put dates
By Jennifer Chiou and Jennifer Lanning Drey
New York, March 6 - Merrill Lynch & Co. Inc. said it amended the terms of its Exchange Liquid Yield Option Notes due 2032 to increase the conversion rate to 16.5000 from 14.0915 and to add Sept. 13, 2010 and March 13, 2014 as additional dates on which holders may require Merrill Lynch to repurchase all or a portion of their LYONs.
The New York financial services company also said that it has extended adjustments for cash and other distributions to March 13, 2014.
Merrill Lynch said it also amended the terms to provide that it may redeem these securities, in whole or in part, beginning on March 13, 2014 and to extend change-of-control protection until March 13, 2014.
"As part of our normal financing strategy, we have chosen to amend the LYONs terms today, which we also have done previously as we view them as an attractive source of financing in today's market," a Merrill Lynch spokesperson said Thursday.
"We have ample liquidity of approximately $80 billion [at year end] to fund any investors that may choose to still put these securities, in aggregate which only total $2.2 billion."
The amendments did not require approval from the holders of the LYONs.
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