Published on 4/4/2006 in the Prospect News Convertibles Daily.
New Issue: Merrill Lynch prices $20.5 million issue of Long Short Notes
By Jennifer Chiou
New York, April 4 - Merrill Lynch & Co. Inc. priced an issue of $20.5 million of Long Short Notes due June 5, 2007 linked to the Select Industries/Sectors Basket Long Short index - Series IX, according to a 424B3 filing with the Securities and Exchange Commission.
The Select Industries/Sectors Basket Long Short index - Series IX is made up of a long position of 150% of the S&P 500 Diversified Telecommunications Services index, the S&P 500 Media index and the S&P 500 Pharmaceutical index, and a short position of 50% of the Consumer Discretionary Select Sector index and the Materials Select Sector index.
At maturity, investors will receive the return on index. The notes will be redeemed at the value of index if it declines by 50% or more.
Issuer: | Merrill Lynch & Co., Inc.
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Issue: | Long Short Notes medium-term series C notes
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Underlying indexes: | S&P 500 Diversified Telecommunications Services index (150% leveraged position long), S&P 500 Media index (150% long), S&P 500 Pharmaceutical index (150% long); Consumer Discretionary Select Sector index (50% short), Materials Select Sector index (50% short)
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Amount: | $20.5 million
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Maturity: | June 5, 2007
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus or minus percentage change in combined indexes
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Call: | If combined indexes fall by 50%
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Pricing date: | March 29
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Settlement: | April 4
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Underwriter: | Merrill Lynch & Co.
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