By Jennifer Chiou
New York, March 6 - Merrill Lynch & Co., Inc. priced $47.5 million of 10% callable Stock Return Income Debt Securities (Strides) due March 6, 2009 payable at maturity with Boeing Co. common stock, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
For each $25.00 of Strides, the payout at maturity will be 0.29727541 Boeing share, which is equal to par divided by the initial volume-weighted average share price.
The Strides will be callable beginning on Sept. 8, 2008 with a yield to call of 13%.
The company said the Strides were approved for listing on the American Stock Exchange under the symbol "BXT."
Merrill Lynch, Pierce, Fenner & Smith Inc. and its affiliate First Republic Securities Co., LLC are the agents.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Callable Stock Return Income Debt Securities (Strides)
|
| Underlying stock: | Boeing Co. (Symbol: BA)
|
| Amount: | $47.5 million
|
| Maturity: | March 6, 2009
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par of $25.00
|
| Payout at maturity: | 0.29727541 Boeing share per $25.00 of Strides
|
| Call: | Beginning on Sept. 8, 2008 with yield to call of 13%
|
| Initial VWAP: | $84.0971
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 6
|
| Agents: | Merrill Lynch, Pierce, Fenner & Smith Inc. and affiliate First Republic Securities Co., LLC
|
| Fees: | 1%
|
| Listing: | Amex: BXT
|
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