Merrill Lynch LYONs now convertible into Bank of America stock

By Angela McDaniels

Tacoma, Wash., Jan. 5 - Merrill Lynch & Co., Inc. said each of its Exchange Liquid Yield Option Notes due 2032 is now convertible into 14.485 shares of Bank of America Corp. common stock.

The change was made in connection with Bank of America's acquisition of Merrill Lynch on Thursday, according to an 8-K filing with the Securities and Exchange Commission. Merrill Lynch shareholders received 0.8595 of a Bank of America share for each Merrill Lynch share held.

The conversion ratio is equal to the number of Bank of America shares holders would have received had they converted their LYONs before the merger.

On Dec. 15, the company announced plans for the change and said the LYONs would be convertible into a cash amount equal to 16.8528 shares of Merrill Lynch common stock until 15 days after the merger is completed.

At the time, Merrill Lynch also said it planned to hold a change-of-control tender offer for the LYONs after the completion of the merger.

Merrill Lynch is a New York investment firm, and Bank of America is a bank based in Charlotte, N.C.

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