Published on 3/25/2004 in the Prospect News Convertibles Daily.
New Issue: Merrill prices $28 million 8% callable Strides exchangeable for Applied Materials
New York, March 25 - Merrill Lynch & Co. Inc. priced $28 million one-year 8% callable Strides (Stock Return Income Debt Securities) payable at maturity with Applied Materials Inc. common stock, according to a filing with the Securities and Exchange Commission.
| Issuer: | Merrill Lynch & Co. Inc.
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| Issue: | Callable Strides (Stock Return Income Debt Securities) senior notes
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| Underlying stock: | Applied Materials Inc.
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| Amount: | $28 million
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| Maturity: | April 4, 2005
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| Coupon: | 8%, payable quarterly
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| Price: | Par of $25
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| Exchange ratio: | 1.22669284 at maturity
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| Exchange price: | $20.38 (average price of stock on pricing date)
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| Call: | Oct. 5, 2004 onwards at price to give yield to call of 17.5%
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| Pricing date: | March 23
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| Settlement date: | March 29
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| Underwriter: | Merrill Lynch & Co.
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| Distribution: | Off shelf
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| Listing: | "AOP" on American Stock Exchange
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