Merrill Lynch to price 10% callable Strides linked to Boeing

By Angela McDaniels

Tacoma, Wash., Feb. 13 - Merrill Lynch & Co. Inc. plans to price 10% callable Stock Return Income Debt Securities (Strides) payable at maturity with shares of the Boeing Co. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The payout at maturity will be a number of Boeing shares equal to par of $25 divided by the initial volume-weighted average share price.

The Strides will be callable with a yield to call of 11% to 15% beginning in September 2008, with the exact percentage to be set at pricing.

The notes are expected to price in February or March, and the maturity date will fall in March or April of 2009.

The company said it applied to list the Strides on the American Stock Exchange under the symbol "BXT."

Merrill Lynch & Co. and First Republic Securities Co., LLC will be the underwriters.

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