Bear Stearns plans 0% principal-protected notes linked to S&P 500

By Laura Lutz

Des Moines, Feb. 6 - The Bear Stearns Cos. Inc. plans to price 0% principal-protected notes due February 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index never closes below a lower barrier or above an upper barrier during the life of the notes, the payout will be par plus the index return times a participation rate that will be between 115% and 120% of par. The exact participation rate will be set at pricing.

The lower barrier will be 80% of par, and the upper barrier will be 120% of par.

If the index does close outside the given range, the payout will be par.

The notes are expected to price and settle in February.

Bear, Stearns & Co. Inc. is the agent.

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