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Merrill Lynch plans issue of Long Short Notes
By Jennifer Chiou
New York, June 5 - Merrill Lynch & Co. Inc. plans to issue Long Short Notes due April 2007 linked to the Select Indices/Consumer Discretionary Basket Long Short Index - Series X, according to a 424B3 filing with the Securities and Exchange Commission.
The settlement date is expected to be in July.
The payout at maturity is based on the performance of the Select Indices/Consumer Discretionary Basket Long Short Index - Series X, which is made up of a long position of 150% of the S&P 500 Diversified Telecommunications Services Index and the Industrial Select Sector index, and a short position of 50% of the Composite index.
Payout at maturity will be the return on the index.
The notes will be redeemed at the value of the index if it declines by 50% or more.
Merrill Lynch & Co. will be the underwriter.
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