Merrill Lynch to price 11% knock-in notes linked to Oil Service HOLDRs

By Angela McDaniels

Seattle, July 26 - Merrill Lynch & Co. Inc. plans to price an issue of 11% one-year knock-in notes linked to Oil Service HOLDRs Trust depositary receipts, according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

Payout at maturity will be par if the depositary receipts stay at or above the knock-in price - equal to 80% of the initial price - during the life of the notes or remains at or above the initial price on the third trading day before maturity.

Otherwise, payout at maturity will be a number of Oil Service HOLDRs depositary receipts equal to $1,000 divided by the closing price of the depositary receipts at pricing.

The notes are expected to settle in August, and Merrill Lynch & Co. will be the underwriter.

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