Merrill Lynch launches $2.55 billion perpetual preferred stock talked at 8.625% area

By Andrea Heisinger

Omaha, April 22 - Merrill Lynch & Co., Inc. launched a $2.55 billion, or 102 million share, offering of non-cumulative preferred stock (A3/A-/A) on Tuesday, market sources said.

The perpetual shares were talked at a dividend in the 8.625% area, to be paid quarterly. They will be priced at par of $25.

The size of the issue was increased from $300 million, or 12 million shares.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the bookrunner.

The financial services company is based in New York City.

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